SunCar Technology Group (NASDAQ:SDA) Stock Price Up 8.6% – Here’s What Happened

Shares of SunCar Technology Group Inc. (NASDAQ:SDA) shot up 8.6% on Thursday . The company traded as high as $10.18 and last traded at $10.13. 404,716 shares changed hands during trading, a decline of 30% from the average session volume of 574,757 shares. The stock had previously closed at $9.32.

Analyst Upgrades and Downgrades

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

SunCar Technology Group Stock Up 10.1 %

The company’s fifty day simple moving average is $9.43 and its 200-day simple moving average is $9.66.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SDA. Geode Capital Management LLC increased its holdings in shares of SunCar Technology Group by 4.8% in the third quarter. Geode Capital Management LLC now owns 24,434 shares of the company’s stock valued at $269,000 after purchasing an additional 1,116 shares during the period. XTX Topco Ltd boosted its position in SunCar Technology Group by 21.0% in 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 during the last quarter. Finally, State Street Corp increased its holdings in 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 during the period. 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.