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

SunCar Technology Group Inc. (NASDAQ:SDA) shares gapped down prior to trading on Tuesday . The stock had previously closed at $9.84, but opened at $9.54. SunCar Technology Group shares last traded at $9.70, with a volume of 153,756 shares changing hands.

Analyst Upgrades and Downgrades

Separately, BTIG Research started 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 Down 3.9 %

The company has a 50 day simple moving average of $9.48 and a 200-day simple moving average of $9.61.

Hedge Funds Weigh In On SunCar Technology Group

Hedge funds have recently modified their holdings of the stock. XTX Topco Ltd grew its holdings in SunCar Technology Group by 24.6% during the second quarter. XTX Topco Ltd now owns 18,186 shares of the company’s stock worth $166,000 after purchasing an additional 3,596 shares during the period. State Street Corp grew its holdings in 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 purchasing an additional 3,877 shares during the period. Finally, Geode Capital Management LLC grew its holdings in 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 purchasing an additional 1,116 shares during the period. Institutional investors 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.