Short Interest in SunCar Technology Group Inc. (NASDAQ:SDA) Grows By 393.8%
by Danessa Lincoln · The Markets DailySunCar Technology Group Inc. (NASDAQ:SDA – Get Free Report) was the target of a large increase in short interest in 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 trading volume of 3,847,217 shares, the short-interest ratio is currently 0.3 days. Approximately 1.2% of the company’s stock are sold short.
SunCar Technology Group Trading Down 7.7%
SDA stock traded down $0.06 during mid-day trading on Friday, reaching $0.72. 659,264 shares of the company traded hands, compared to its average volume of 639,284. 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 has a 52-week low of $0.47 and a 52-week high of $3.00. The company has a fifty day moving average price of $1.21 and a 200-day moving average price of $1.72.
SunCar Technology Group (NASDAQ:SDA – Get Free Report) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.01. The firm had revenue of $131.17 million during the quarter, compared to the consensus estimate of $132.49 million. SunCar Technology Group had a return on equity of 0.21% and a net margin of 0.04%.
Analysts Set New Price Targets
SDA has been the topic of a number of recent analyst reports. BTIG Research lowered their target price on SunCar Technology Group from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Wall Street Zen lowered SunCar Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of SunCar Technology Group in a report on Tuesday, April 21st. Finally, Zacks Research raised SunCar Technology Group to a “hold” rating in a report on Wednesday, March 18th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.00.
Get Our Latest Stock Analysis on SunCar Technology Group
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.