SunCar Technology Group (NASDAQ:SDA) Trading 0.4% Higher – Should You Buy?

SunCar Technology Group Inc. (NASDAQ:SDA) shot up 0.4% on Tuesday . The company traded as high as $2.55 and last traded at $2.48. 44,956 shares changed hands during trading, a decline of 43% from the average session volume of 78,723 shares. The stock had previously closed at $2.47.

Analyst Upgrades and Downgrades

Separately, Oppenheimer assumed coverage on SunCar Technology Group in a report on Tuesday, June 10th. They issued an “outperform” rating and a $3.50 price objective for the company. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $7.75.

SunCar Technology Group Price Performance

The company has a 50-day simple moving average of $2.44 and a two-hundred day simple moving average of $2.79.

Institutional Investors Weigh In On SunCar Technology Group

Institutional investors have recently added to or reduced their stakes in the company. Alpine Global Management LLC bought a new stake in SunCar Technology Group in the 1st quarter worth $402,000. Invesco Ltd. boosted its holdings in shares of SunCar Technology Group by 11.8% during the first quarter. Invesco Ltd. now owns 49,008 shares of the company’s stock worth $202,000 after purchasing an additional 5,157 shares during the period. XTX Topco Ltd grew its stake in shares of SunCar Technology Group by 17.2% in the first quarter. XTX Topco Ltd now owns 31,389 shares of the company’s stock worth $129,000 after purchasing an additional 4,616 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in SunCar Technology Group during the 4th quarter valued at about $69,000. Hedge funds and other institutional investors 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.