SunCar Technology Group Inc. (NASDAQ:SDA) Sees Significant Increase in Short Interest

SunCar Technology Group Inc. (NASDAQ:SDA) was the target of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 483,092 shares, a growth of 388.6% from the February 26th total of 98,866 shares. Currently, 0.6% of the company’s stock are sold short. Based on an average daily trading volume, of 694,086 shares, the days-to-cover ratio is currently 0.7 days. Based on an average daily trading volume, of 694,086 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.6% of the company’s stock are sold short.

Wall Street Analyst Weigh In

SDA has been the topic of a number of research reports. BTIG Research restated a “buy” rating and set a $6.00 target price on shares of SunCar Technology Group in a report on Monday, December 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of SunCar Technology Group in a research note on Thursday, January 22nd. Finally, Zacks Research upgraded shares of SunCar Technology Group to a “hold” rating in a report on Wednesday, March 18th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.75.

SunCar Technology Group Stock Performance

SunCar Technology Group stock opened at $1.82 on Wednesday. SunCar Technology Group has a 12 month low of $1.54 and a 12 month high of $4.77. The company has a market capitalization of $188.62 million, a price-to-earnings ratio of -26.00 and a beta of 0.08. The business’s fifty day simple moving average is $2.01 and its two-hundred day simple moving average is $2.09.

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.