SunCar Technology Group Inc. (NASDAQ:SDA) Short Interest Down 19.5% in August

Key Points

• Short interest in **SunCar Technology Group Inc.** (NASDAQ:SDA) fell by **19.5%** in August, totaling **167,700 shares**, compared to **208,200 shares** on August 15th.
• Institutional investors recently made significant moves, with **BNP Paribas** purchasing a new position valued at **$69,000**, while **XTX Topco Ltd** increased its stake by **17.2%**.
• Analysts have a positive outlook for SunCar, with an average rating of **"Buy"** and a target price of **$7.75**, following coverage initiation by **Oppenheimer**.

SunCar Technology Group Inc. (NASDAQ:SDA - Get Free Report) saw a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 167,700 shares, a drop of 19.5% from the August 15th total of 208,200 shares. Based on an average daily volume of 80,500 shares, the short-interest ratio is presently 2.1 days. Approximately 0.5% of the shares of the stock are sold short. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily volume of 80,500 shares, the short-interest ratio is presently 2.1 days.

Analysts Set New Price Targets

Separately, Oppenheimer began coverage on 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, According to MarketBeat.com, SunCar Technology Group currently has an average rating of "Buy" and an average price target of $7.75.

SunCar Technology Group Price Performance

SunCar Technology Group stock traded down $0.06 during trading hours on Monday, hitting $2.53. The stock had a trading volume of 42,256 shares, compared to its average volume of 83,456. The business's 50 day simple moving average is $2.43 and its 200-day simple moving average is $2.87. SunCar Technology Group has a one year low of $2.12 and a one year high of $11.74.

Institutional Investors Weigh In On SunCar Technology Group

A number of institutional investors have recently added to or reduced their stakes in the business. Alpine Global Management LLC acquired a new position in shares of SunCar Technology Group during the first quarter worth $402,000. Invesco Ltd. lifted its holdings in SunCar Technology Group by 11.8% during the 1st 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 period. XTX Topco Ltd grew its position in shares of SunCar Technology Group by 17.2% in the 1st quarter. XTX Topco Ltd now owns 31,389 shares of the company's stock valued at $129,000 after buying an additional 4,616 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of SunCar Technology Group during the fourth quarter worth about $69,000. 0.26% of the stock is owned by 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.