Short Interest in SunCar Technology Group Inc. (NASDAQ:SDA) Declines By 43.3%

SunCar Technology Group Inc. (NASDAQ:SDA - Get Free Report) was the target of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 140,300 shares, a drop of 43.3% from the February 13th total of 247,400 shares. Based on an average daily volume of 579,300 shares, the short-interest ratio is currently 0.2 days. Approximately 0.4% of the company's stock are short sold.

Wall Street Analysts Forecast Growth

Separately, BTIG Research initiated coverage on shares of SunCar Technology Group in a research note on Monday, December 30th. They issued a "buy" rating and a $12.00 target price for the company.

Institutional Investors Weigh In On SunCar Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in SDA. State Street Corp increased its holdings in SunCar Technology Group by 33.5% in the 3rd quarter. State Street Corp now owns 15,461 shares of the company's stock worth $170,000 after acquiring an additional 3,877 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of SunCar Technology Group by 21.0% during the third quarter. XTX Topco Ltd now owns 22,006 shares of the company's stock worth $243,000 after buying an additional 3,820 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of SunCar Technology Group by 4.8% during the third quarter. Geode Capital Management LLC now owns 24,434 shares of the company's stock worth $269,000 after buying an additional 1,116 shares in the last quarter. Invesco Ltd. grew its holdings in shares of SunCar Technology Group by 33.6% during the fourth quarter. Invesco Ltd. now owns 43,851 shares of the company's stock worth $423,000 after buying an additional 11,033 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of SunCar Technology Group during the fourth quarter worth $100,000. Hedge funds and other institutional investors own 0.26% of the company's stock.

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SunCar Technology Group Stock Performance

Shares of SDA traded down $0.24 during trading hours on Tuesday, hitting $4.51. The stock had a trading volume of 180,673 shares, compared to its average volume of 352,534. The firm has a 50-day moving average price of $6.95 and a 200 day moving average price of $8.77. SunCar Technology Group has a fifty-two week low of $4.15 and a fifty-two week high of $11.74.

SunCar Technology Group Company Profile

SunCar Technology Group Inc, through its subsidiaries, provides digitalized automotive after-sales service and online insurance intermediation services in the People's Republic of China. It operates through three segments: Insurance Intermediation Business; Automotive After-Sales Business; and Technology Business.