Cheche Group Inc. (NASDAQ:CCG) Sees Large Increase in Short Interest

Cheche Group Inc. (NASDAQ:CCG) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totaling 28,962 shares, a growth of 87.5% from the September 30th total of 15,450 shares. Based on an average daily trading volume, of 19,001 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.5% of the shares of the stock are short sold.

Cheche Group Stock Performance

Shares of NASDAQ:CCG opened at $7.14 on Friday. Cheche Group has a one year low of $4.11 and a one year high of $37.45. The stock has a fifty day moving average of $10.33 and a 200-day moving average of $19.20. The company has a market capitalization of $14.14 million, a PE ratio of -2.55 and a beta of 0.28.

Cheche Group (NASDAQ:CCG) last issued its earnings results on Friday, September 4th. The company reported ($1.37) earnings per share (EPS) for the quarter. The company had revenue of $65.14 million during the quarter. As a group, research analysts forecast that Cheche Group will post -2.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CCG. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cheche Group in a report on Thursday, October 15th. Maxim Group downgraded shares of Cheche Group from a “buy” rating to a “hold” rating in a research report on Wednesday, September 9th. Wall Street Zen cut shares of Cheche Group from a “sell” rating to a “strong sell” rating in a research report on Sunday, September 20th. Finally, Zacks Research upgraded shares of Cheche Group to a “hold” rating in a research note on Thursday, September 10th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Hedge Funds Weigh In On Cheche Group

An institutional investor recently bought a new stake in Cheche Group stock. Citadel Advisors LLC acquired a new position in shares of Cheche Group Inc. (NASDAQ:CCG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 117,080 shares of the company’s stock, valued at approximately $63,000. Citadel Advisors LLC owned 5.93% of Cheche Group at the end of the most recent quarter. 19.76% of the stock is owned by institutional investors.

Cheche Group Company Profile

Cheche Group Inc is a China-based insurance technology company that operates a digital platform for the distribution and servicing of automobile insurance. Its platform is designed to connect insurance carriers with automobile consumers, agents, brokers, automotive manufacturers and other participants in the vehicle ecosystem.

The company provides technology-enabled insurance distribution services, including digital tools for policy acquisition, customer engagement and insurance-related transactions.