SunCar Technology Group (NASDAQ:SDA) Shares Up 9.2% – Here’s Why

SunCar Technology Group Inc. (NASDAQ:SDA)’s stock price shot up 9.2% during mid-day trading on Tuesday . The company traded as high as $2.02 and last traded at $2.02. 79,962 shares were traded during trading, a decline of 72% from the average session volume of 284,101 shares. The stock had previously closed at $1.85.

Analyst Ratings Changes

A number of research firms have commented on SDA. BTIG Research decreased their target price on shares of SunCar Technology Group from $12.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Weiss Ratings reissued a “sell (e+)” rating on shares of SunCar Technology Group in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.75.

SunCar Technology Group Stock Performance

The business has a 50-day simple moving average of $2.12 and a 200-day simple moving average of $2.41. The company has a market cap of $209.35 million, a price-to-earnings ratio of -28.86 and a beta of 0.10.

SunCar Technology Group (NASDAQ:SDA) last released its earnings results on Monday, October 27th. The company reported ($0.04) earnings per share for the quarter. The company had revenue of $119.71 million for the quarter. Research analysts anticipate that SunCar Technology Group Inc. will post 0.11 EPS for the current year.

Institutional Investors Weigh In On SunCar Technology Group

Institutional investors have recently modified their holdings of the company. Alpine Global Management LLC acquired a new position in shares of SunCar Technology Group during the first quarter worth $402,000. Invesco Ltd. raised its stake in SunCar Technology Group by 11.8% in the first quarter. Invesco Ltd. now owns 49,008 shares of the company’s stock valued at $202,000 after buying an additional 5,157 shares in the last quarter. Finally, XTX Topco Ltd lifted its holdings in SunCar Technology Group by 17.2% during the 1st quarter. XTX Topco Ltd now owns 31,389 shares of the company’s stock worth $129,000 after buying an additional 4,616 shares during the last quarter. 0.26% of the stock is owned by hedge funds and other institutional investors.

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.