Cheche Group Inc. (NASDAQ:CCG) Shares Shorted: Short Interest Up 87.5% in October

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CCG. Zacks Research raised shares of Cheche Group to a “hold” rating in a report on Thursday, September 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cheche Group in a research note on Thursday, October 15th. Maxim Group cut shares of Cheche Group from a “buy” rating to a “hold” rating in a research report on Wednesday, September 9th. Finally, Wall Street Zen lowered shares of Cheche Group from a “sell” rating to a “strong sell” rating in a research note on Sunday, September 20th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce”.

Institutional Investors Weigh In On Cheche Group

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

Cheche Group Trading Up 0.3%

Shares of NASDAQ CCG traded up $0.02 during midday trading on Monday, reaching $7.16. The company’s stock had a trading volume of 14,145 shares, compared to its average volume of 12,793. The company has a 50 day moving average price of $10.33 and a 200 day moving average price of $19.20. Cheche Group has a one year low of $4.11 and a one year high of $36.75. The company has a market cap of $14.15 million, a price-to-earnings ratio of -2.56 and a beta of 0.28.

Cheche Group (NASDAQ:CCG) last released its quarterly earnings results on Friday, September 4th. The company reported ($1.37) earnings per share for the quarter. The company had revenue of $65.14 million during the quarter. Research analysts anticipate that Cheche Group will post -2.79 earnings per share for the current fiscal year.

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.