SunCar Technology Group (NASDAQ:SDA) Shares Gap Up – Should You Buy?

Shares of SunCar Technology Group Inc. (NASDAQ:SDA) gapped up prior to trading on Friday . The stock had previously closed at $9.01, but opened at $9.30. SunCar Technology Group shares last traded at $9.30, with a volume of 109,614 shares.

Analyst Upgrades and Downgrades

Separately, BTIG Research initiated coverage on shares of SunCar Technology Group in a report on Monday. They issued a “buy” rating and a $12.00 price target on the stock.

SunCar Technology Group Stock Up 3.8 %

The stock’s 50 day moving average is $9.58 and its 200-day moving average is $9.54.

Hedge Funds Weigh In On SunCar Technology Group

Institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd boosted its position in shares of SunCar Technology Group by 24.6% in the 2nd quarter. XTX Topco Ltd now owns 18,186 shares of the company’s stock worth $166,000 after purchasing an additional 3,596 shares in the last quarter. State Street Corp raised its stake in SunCar Technology Group by 33.5% during the third quarter. State Street Corp now owns 15,461 shares of the company’s stock valued at $170,000 after buying an additional 3,877 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in SunCar Technology Group by 4.8% in the third quarter. Geode Capital Management LLC now owns 24,434 shares of the company’s stock worth $269,000 after acquiring an additional 1,116 shares in the last quarter. 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.