SunCar Technology Group (NASDAQ:SDA) Shares Gap Down – Here’s Why

SunCar Technology Group Inc. (NASDAQ:SDA) shares gapped down prior to trading on Wednesday . The stock had previously closed at $10.30, but opened at $8.51. SunCar Technology Group shares last traded at $8.35, with a volume of 225,879 shares changing hands.

Wall Street Analysts Forecast Growth

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

SunCar Technology Group Stock Up 2.3 %

The stock has a fifty day moving average of $9.40 and a 200-day moving average of $9.69.

Institutional Trading of SunCar Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp grew its position in SunCar Technology Group by 33.5% during the 3rd quarter. State Street Corp now owns 15,461 shares of the company’s stock worth $170,000 after purchasing an additional 3,877 shares during 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 during the last quarter. Finally, Geode Capital Management LLC increased its position in SunCar Technology Group by 4.8% in the 3rd quarter. Geode Capital Management LLC now owns 24,434 shares of the company’s stock valued at $269,000 after acquiring an additional 1,116 shares during the period. Institutional investors and hedge funds own 0.26% of the company’s stock.

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.