SunCar Technology Group (NASDAQ:SDA) Shares Gap Down – Should You Sell?

Shares of SunCar Technology Group Inc. (NASDAQ:SDA) gapped down prior to trading on Tuesday . The stock had previously closed at $9.77, but opened at $9.57. SunCar Technology Group shares last traded at $9.46, with a volume of 198,357 shares trading hands.

Analyst Ratings Changes

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

SunCar Technology Group Stock Performance

The business’s 50 day moving average price is $9.43 and its 200 day moving average price is $9.66.

Institutional Investors Weigh In On SunCar Technology Group

Several hedge funds have recently modified their holdings of SDA. State Street Corp increased its stake in shares of SunCar Technology Group by 33.5% in the 3rd quarter. State Street Corp now owns 15,461 shares of the company’s stock valued at $170,000 after purchasing an additional 3,877 shares in the last quarter. XTX Topco Ltd grew its holdings 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 purchasing an additional 3,820 shares during the period. Finally, Geode Capital Management LLC increased its position 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 buying an additional 1,116 shares in the last quarter. 0.26% of the stock is owned by hedge funds and other institutional investors.

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.