Cheche Group Inc. (NASDAQ:CCG) Sees Significant Increase in Short Interest

Cheche Group Inc. (NASDAQ:CCG) saw a significant growth in short interest in October. As of October 15th, there was short interest totaling 28,962 shares, a growth of 87.5% from the September 30th total of 15,450 shares. Based on an average daily volume of 19,001 shares, the short-interest ratio is currently 1.5 days. Currently, 1.5% of the company’s stock are sold short.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Cheche Group in a research report on Thursday, October 15th. Zacks Research raised shares of Cheche Group to a “hold” rating in a report on Thursday, September 10th. Maxim Group cut shares of Cheche Group from a “buy” rating to a “hold” rating in a research report on Wednesday, September 9th. Finally, Wall Street Zen cut Cheche Group from a “sell” rating to a “strong sell” rating in a report on Sunday, September 20th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce”.

Institutional Investors Weigh In On Cheche Group

An institutional investor recently bought a new stake in Cheche Group stock. Citadel Advisors LLC acquired a new stake in Cheche Group Inc. (NASDAQ:CCG) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 117,080 shares of the company’s stock, valued at approximately $63,000. Citadel Advisors LLC owned 5.93% of Cheche Group at the end of the most recent quarter. 19.76% of the stock is owned by institutional investors and hedge funds.

Cheche Group Stock Performance

CCG opened at $7.16 on Tuesday. The stock’s 50 day simple moving average is $10.15 and its 200 day simple moving average is $19.09. Cheche Group has a 1 year low of $4.11 and a 1 year high of $36.75.

Cheche Group (NASDAQ:CCG) last released its quarterly earnings data on Friday, September 4th. The company reported ($1.37) earnings per share for the quarter. The firm had revenue of $65.14 million during the quarter. Analysts expect that Cheche Group will post -2.79 EPS for the current fiscal year.

Cheche Group Company Profile

Cheche Group Inc is a China-based insurance technology company that operates a digital platform for the distribution and servicing of automobile insurance. Its platform is designed to connect insurance carriers with automobile consumers, agents, brokers, automotive manufacturers and other participants in the vehicle ecosystem.

The company provides technology-enabled insurance distribution services, including digital tools for policy acquisition, customer engagement and insurance-related transactions.