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

SunCar Technology Group Inc. (NASDAQ:SDA) was the target of a significant increase in short interest in the month of May. As of May 29th, there was short interest totaling 1,025,446 shares, an increase of 393.8% from the May 14th total of 207,649 shares. Based on an average daily volume of 3,847,217 shares, the days-to-cover ratio is presently 0.3 days. Approximately 1.2% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SDA. Weiss Ratings reissued a “sell (e+)” rating on shares of SunCar Technology Group in a research note on Tuesday, April 21st. Wall Street Zen lowered shares of SunCar Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Zacks Research raised shares of SunCar Technology Group to a “hold” rating in a research note on Wednesday, March 18th. Finally, BTIG Research lowered their price objective on shares of 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 research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $5.00.

SunCar Technology Group Stock Performance

Shares of NASDAQ:SDA opened at $0.98 on Thursday. The firm’s 50 day moving average price is $1.23 and its 200 day moving average price is $1.73. SunCar Technology Group has a fifty-two week low of $0.47 and a fifty-two week high of $3.08. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.01.

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

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.