SunCar Technology Group (NASDAQ:SDA) Stock Price Down 11% – Here’s What Happened

SunCar Technology Group Inc. (NASDAQ:SDA) shares traded down 11% on Friday . The stock traded as low as $3.27 and last traded at $3.41. 184,367 shares were traded during trading, a decline of 46% from the average session volume of 344,201 shares. The stock had previously closed at $3.83.

Wall Street Analyst Weigh In

Separately, BTIG Research began coverage on shares of SunCar Technology Group in a research report on Monday, December 30th. They issued a “buy” rating and a $12.00 price objective on the stock.

SunCar Technology Group Stock Down 11.0 %

The firm has a 50 day moving average of $5.51 and a 200 day moving average of $8.22.

Institutional Investors Weigh In On SunCar Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of SunCar Technology Group by 33.6% during the 4th quarter. Invesco Ltd. now owns 43,851 shares of the company’s stock valued at $423,000 after purchasing an additional 11,033 shares during the period. Geode Capital Management LLC grew its holdings in SunCar Technology Group by 42.7% during the 4th quarter. Geode Capital Management LLC now owns 34,865 shares of the company’s stock valued at $336,000 after buying an additional 10,431 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of SunCar Technology Group during the fourth quarter valued at about $100,000. BNP Paribas Financial Markets purchased a new stake in shares of SunCar Technology Group in the fourth quarter worth about $69,000. Finally, XTX Topco Ltd boosted its position in shares of SunCar Technology Group by 21.7% in the fourth quarter. XTX Topco Ltd now owns 26,773 shares of the company’s stock valued at $258,000 after acquiring an additional 4,767 shares during the period. 0.26% of the stock is currently 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.