SunCar Technology Group (NASDAQ:SDA) Trading Up 7.4% - Here's Why

SunCar Technology Group Inc. (NASDAQ:SDA - Get Free Report) was up 7.4% during trading on Tuesday . The company traded as high as $4.96 and last traded at $5.09. Approximately 110,436 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 857,392 shares. The stock had previously closed at $4.74.

Analysts Set New Price Targets

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

SunCar Technology Group Stock Down 2.7 %

The business's 50 day simple moving average is $8.81 and its 200 day simple moving average is $9.51.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. State Street Corp increased its stake in shares of SunCar Technology Group by 33.5% during the third quarter. State Street Corp now owns 15,461 shares of the company's stock worth $170,000 after acquiring an additional 3,877 shares during the period. XTX Topco Ltd increased its stake 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 acquiring an additional 3,820 shares during the period. Geode Capital Management LLC increased its stake 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 acquiring an additional 1,116 shares during the period. Invesco Ltd. increased its stake 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 acquiring an additional 11,033 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of SunCar Technology Group during the fourth quarter worth about $100,000. 0.26% of the stock is currently owned by institutional investors and hedge funds.

About SunCar Technology Group

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.