Oppenheimer Initiates Coverage on SunCar Technology Group (NASDAQ:SDA)

Oppenheimer started coverage on shares of SunCar Technology Group (NASDAQ:SDA) in a research report sent to investors on Tuesday morning, Marketbeat reports. The brokerage issued an outperform rating and a $3.50 price objective on the stock.

SunCar Technology Group Stock Down 2.0%

Shares of SunCar Technology Group stock opened at $2.87 on Tuesday. SunCar Technology Group has a twelve month low of $2.41 and a twelve month high of $11.74. The firm’s 50-day moving average price is $2.82 and its 200 day moving average price is $5.74.

SunCar Technology Group (NASDAQ:SDA) last announced its quarterly earnings results on Wednesday, May 21st. The company reported ($0.03) earnings per share (EPS) for the quarter. The firm had revenue of $102.60 million for the quarter. As a group, analysts anticipate that SunCar Technology Group will post 0.11 earnings per share for the current year.

Institutional Investors Weigh In On SunCar Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new position in shares of SunCar Technology Group during the fourth quarter worth about $69,000. Marshall Wace LLP purchased a new position in shares of SunCar Technology Group during the fourth quarter valued at approximately $100,000. XTX Topco Ltd lifted its stake in shares of SunCar Technology Group by 17.2% during the first quarter. XTX Topco Ltd now owns 31,389 shares of the company’s stock valued at $129,000 after buying an additional 4,616 shares during the period. Invesco Ltd. increased its position in SunCar Technology Group by 11.8% during the first quarter. Invesco Ltd. now owns 49,008 shares of the company’s stock worth $202,000 after purchasing an additional 5,157 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in SunCar Technology Group by 42.7% during the fourth quarter. Geode Capital Management LLC now owns 34,865 shares of the company’s stock worth $336,000 after purchasing an additional 10,431 shares during the last quarter. 0.26% of the stock is owned by hedge funds and other 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.