BTIG Research Has Lowered Expectations for SunCar Technology Group (NASDAQ:SDA) Stock Price

SunCar Technology Group (NASDAQ:SDA) had its price objective reduced by BTIG Research from $12.00 to $6.00 in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s target price would suggest a potential upside of 203.03% from the company’s previous close.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of SunCar Technology Group in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $4.75.

SunCar Technology Group Trading Down 5.7%

Shares of SDA stock opened at $1.98 on Wednesday. SunCar Technology Group has a 12-month low of $1.78 and a 12-month high of $11.28. The stock’s 50-day moving average price is $2.38 and its 200-day moving average price is $2.52. The stock has a market capitalization of $205.21 million, a price-to-earnings ratio of -33.00 and a beta of 0.13.

SunCar Technology Group (NASDAQ:SDA) last issued its earnings results on Monday, October 27th. The company reported ($0.04) earnings per share (EPS) for the quarter. The firm had revenue of $119.71 million during the quarter. As a group, research analysts predict that SunCar Technology Group will post 0.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SDA. XTX Topco Ltd grew its stake in shares of SunCar Technology Group by 17.2% during the first 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. Invesco Ltd. lifted its holdings in shares of SunCar Technology Group by 11.8% during the 1st quarter. Invesco Ltd. now owns 49,008 shares of the company’s stock valued at $202,000 after purchasing an additional 5,157 shares during the last quarter. Finally, Alpine Global Management LLC purchased a new stake in SunCar Technology Group in the first quarter valued at about $402,000. 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.