SunCar Technology Group (NASDAQ:SDA) Shares Gap Down – What’s Next?

SunCar Technology Group Inc. (NASDAQ:SDA) shares gapped down prior to trading on Tuesday . The stock had previously closed at $9.77, but opened at $9.57. SunCar Technology Group shares last traded at $9.46, with a volume of 198,357 shares.

Analysts Set New Price Targets

Separately, BTIG Research began coverage on SunCar Technology Group in a research report on Monday, December 30th. They issued a “buy” rating and a $12.00 target price for the company.

SunCar Technology Group Price Performance

The firm has a 50-day moving average price of $9.45 and a 200 day moving average price of $9.65.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in shares of 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 buying 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 valued at $243,000 after buying an additional 3,820 shares in the last quarter. Finally, 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 valued at $269,000 after buying an additional 1,116 shares in the last quarter. Institutional investors and hedge funds own 0.26% of the company’s stock.

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.