SunCar Technology Group (NASDAQ:SDA) Coverage Dropped by Analysts at BTIG Research

Analysts at BTIG Research dropped coverage on shares of SunCar Technology Group (NASDAQ:SDA) in a report released on Friday, Benzinga reports. The firm had previously set a “buy” rating on the stock.

A number of other equities research analysts have also weighed in on SDA. Wall Street Zen lowered shares of SunCar Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research upgraded SunCar Technology Group to a “hold” rating in a research note on Monday, October 5th. Finally, Weiss Ratings raised SunCar Technology Group from a “sell (d-)” rating to a “sell (d)” rating in a report on Thursday, October 15th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

SunCar Technology Group Stock Down 5.5%

SDA stock traded down $0.01 during midday trading on Friday, reaching $0.21. 112,895 shares of the company’s stock traded hands, compared to its average volume of 568,475. The company has a market cap of $22.12 million, a price-to-earnings ratio of 6.98 and a beta of -0.10. The firm’s fifty day moving average price is $0.48 and its 200-day moving average price is $1.15. 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 $0.19 and a 52 week high of $2.45.

SunCar Technology Group (NASDAQ:SDA) last released its quarterly earnings data on Thursday, September 24th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). SunCar Technology Group had a net margin of 0.60% and a return on equity of 3.52%. The business had revenue of $145.34 million during the quarter, compared to the consensus estimate of $141.66 million. As a group, sell-side analysts forecast that SunCar Technology Group will post 0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its position in SunCar Technology Group stock. Citadel Advisors LLC increased its position in shares of SunCar Technology Group Inc. (NASDAQ:SDA) by 341.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 81,468 shares of the company’s stock after purchasing an additional 63,010 shares during the quarter. Citadel Advisors LLC owned approximately 0.08% of SunCar Technology Group worth $66,000 as of its most recent SEC filing. 0.26% of the stock is currently owned by hedge funds and other institutional investors.

About SunCar Technology Group

SunCar Technology Group Inc (NASDAQ:SDA) operates a digital platform for automotive after-sales services and automobile insurance brokerage in China. The company connects vehicle owners and corporate customers with a network of service providers through online and mobile technology.

Its automotive services business includes vehicle maintenance and repair, car washing and detailing, roadside assistance, and other vehicle-related services. SunCar also provides insurance brokerage and related services, helping customers access automobile insurance products through its platform.