Alpine Global Management LLC Makes New Investment in SunCar Technology Group Inc. $SDA

Key Points

• Alpine Global Management LLC has acquired a new position in SunCar Technology Group Inc., purchasing approximately 97,608 shares valued at $402,000.
• Several hedge funds, including Invesco Ltd. and Geode Capital Management LLC, have also increased their stakes in SunCar Technology Group, reflecting growing interest in the stock.
• Analysts currently rate SunCar Technology Group as a "Buy," with an average price target of $7.75, following Oppenheimer's initiation of coverage with a target price of $3.50.

Alpine Global Management LLC acquired a new stake in shares of SunCar Technology Group Inc. (NASDAQ:SDA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 97,608 shares of the company's stock, valued at approximately $402,000. Alpine Global Management LLC owned about 0.09% of SunCar Technology Group as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. BNP Paribas Financial Markets bought a new stake in shares of SunCar Technology Group in the 4th quarter valued at about $69,000. Marshall Wace LLP purchased a new position in shares of SunCar Technology Group in the 4th quarter valued at approximately $100,000. XTX Topco Ltd increased its stake in SunCar Technology Group by 17.2% during the 1st quarter. XTX Topco Ltd now owns 31,389 shares of the company's stock valued at $129,000 after purchasing an additional 4,616 shares in the last quarter. Invesco Ltd. raised its holdings in shares of SunCar Technology Group by 11.8% in the first quarter. Invesco Ltd. now owns 49,008 shares of the company's stock worth $202,000 after buying an additional 5,157 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of SunCar Technology Group by 42.7% in the fourth quarter. Geode Capital Management LLC now owns 34,865 shares of the company's stock worth $336,000 after buying an additional 10,431 shares during the last quarter. Institutional investors own 0.26% of the company's stock.

SunCar Technology Group Stock Performance

Shares of SDA traded down $0.18 during midday trading on Thursday, hitting $2.63. 49,779 shares of the stock traded hands, compared to its average volume of 266,789. The business's 50 day moving average price is $2.39 and its two-hundred day moving average price is $3.10. SunCar Technology Group Inc. has a 1-year low of $2.12 and a 1-year high of $11.74.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer initiated coverage on shares of SunCar Technology Group in a research note on Tuesday, June 10th. They issued an "outperform" rating and a $3.50 price objective on the stock. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, SunCar Technology Group presently has an average rating of "Buy" and a consensus price target of $7.75.

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.