SunCar Technology Group (NASDAQ:SDA) Trading Down 2.5% - What's Next?

Key Points

• SunCar Technology Group Inc.'s stock price fell by 2.5%, trading as low as $2.30, with a total of 83,250 shares exchanged, indicating a 16% decline in trading volume compared to its average.
• Oppenheimer initiated coverage on SunCar Technology Group, assigning an "outperform" rating and setting a price target of $3.50 for the stock.
• The company's recent earnings report showed an EPS of ($0.03) and revenue of $102.60 million, with analysts projecting an EPS of 0.11 for the current fiscal year.

Shares of SunCar Technology Group Inc. (NASDAQ:SDA - Get Free Report) were down 2.5% during trading on Thursday . The company traded as low as $2.30 and last traded at $2.33. Approximately 83,250 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 98,915 shares. The stock had previously closed at $2.39.

Wall Street Analyst Weigh In

Separately, Oppenheimer initiated coverage on shares of SunCar Technology Group in a report on Tuesday, June 10th. They set an "outperform" rating and a $3.50 price target for the company.

SunCar Technology Group Price Performance

The stock's 50-day moving average price is $2.62 and its 200-day moving average price is $4.21.

SunCar Technology Group (NASDAQ:SDA - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported ($0.03) EPS for the quarter. The business had revenue of $102.60 million for the quarter. On average, research analysts anticipate that SunCar Technology Group Inc. will post 0.11 earnings per share for the current year.

Hedge Funds Weigh In On SunCar Technology Group

Several hedge funds have recently made changes to their positions in SDA. Alpine Global Management LLC acquired a new position in shares of SunCar Technology Group in the 1st quarter worth approximately $402,000. Invesco Ltd. increased its position in shares of SunCar Technology Group by 33.6% in the fourth quarter. Invesco Ltd. now owns 43,851 shares of the company's stock worth $423,000 after acquiring an additional 11,033 shares in the last quarter. Geode Capital Management LLC increased its position 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 acquiring an additional 10,431 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of SunCar Technology Group in the fourth quarter worth approximately $100,000. Finally, BNP Paribas Financial Markets purchased a new position in shares of SunCar Technology Group in the fourth quarter worth approximately $69,000. 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.