SunCar Technology Group (NASDAQ:SDA) Stock Price Up 9.2% – Still a Buy?

SunCar Technology Group Inc. (NASDAQ:SDA)’s stock price shot up 9.2% during trading on Tuesday . The stock traded as high as $2.02 and last traded at $2.02. 79,962 shares were traded during trading, a decline of 72% from the average session volume of 284,101 shares. The stock had previously closed at $1.85.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of SunCar Technology Group in a report on Wednesday, October 8th. BTIG Research reduced their price objective on SunCar Technology Group from $12.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.75.

SunCar Technology Group Price Performance

The stock has a 50 day simple moving average of $2.12 and a two-hundred day simple moving average of $2.41. The company has a market cap of $209.35 million, a price-to-earnings ratio of -28.86 and a beta of 0.10.

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 business had revenue of $119.71 million during the quarter. As a group, research analysts forecast that SunCar Technology Group Inc. will post 0.11 EPS for the current year.

Hedge Funds Weigh In On SunCar Technology Group

A number of institutional investors have recently bought and sold shares of the company. XTX Topco Ltd grew its stake 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 period. Invesco Ltd. lifted its holdings in SunCar Technology Group by 11.8% in the first quarter. Invesco Ltd. now owns 49,008 shares of the company’s stock valued at $202,000 after acquiring an additional 5,157 shares during the last quarter. Finally, Alpine Global Management LLC purchased a new position in SunCar Technology Group in the first quarter worth approximately $402,000. 0.26% of the stock is owned by hedge funds and other 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.