Short Interest in SunCar Technology Group Inc. (NASDAQ:SDA) Declines By 43.5%

SunCar Technology Group Inc. (NASDAQ:SDA) saw a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 579,522 shares, a drop of 43.5% from the May 31st total of 1,025,446 shares. Based on an average daily trading volume, of 1,305,662 shares, the days-to-cover ratio is presently 0.4 days. Approximately 0.7% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wall Street Zen raised shares of SunCar Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, June 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SunCar Technology Group in a report on Tuesday, April 21st. Zacks Research raised SunCar Technology Group to a “hold” rating in a research report on Wednesday, March 18th. Finally, BTIG Research reduced their price objective on SunCar Technology Group from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.00.

SunCar Technology Group Stock Performance

Shares of NASDAQ SDA traded up $0.03 during midday trading on Wednesday, reaching $0.83. 279,762 shares of the stock were exchanged, compared to its average volume of 611,038. SunCar Technology Group has a twelve month low of $0.47 and a twelve month high of $2.93. The firm has a 50-day simple moving average of $0.97 and a two-hundred day simple moving average of $1.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.28 and a quick ratio of 1.28.

SunCar Technology Group (NASDAQ:SDA) last posted its earnings results on Thursday, May 28th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. SunCar Technology Group had a net margin of 0.04% and a return on equity of 0.21%. The firm had revenue of $131.17 million during the quarter, compared to analysts’ expectations of $132.49 million.

About SunCar Technology Group

SunCar Technology Group (NASDAQ: SDA) is a technology-driven developer of range-extending systems for electric vehicles. The company’s flagship offering, SunDrive, integrates a compact internal combustion generator, advanced battery management, thermal management, and proprietary power electronics under unified control software. By combining these elements into a modular platform, SunCar addresses range anxiety and total cost of ownership concerns for light- and medium-duty EV fleets.

Founded in 2016 and headquartered in Shenzhen, China, SunCar serves global customers across ride-hailing, delivery logistics and commercial fleet segments.