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Cheche Group (NASDAQ:CCG) Stock, Option Chain

Cheche Group

Campus Crest Communities, Inc.

NYSE

Cheche Group Inc is an insurtech company. It is China's independent technology-empowered platform for auto insurance transaction services by digital auto insurance transaction premiums and insurance technology companies. The company has reshaped the traditional auto insurance distribution and services value chain to create a digital platform by improving operational efficiencies, reducing transaction costs, and expanding distribution channels. Its business scope ranges from digital insurance transactions, SaaS platforms for insurance intermediaries, AI-driven insurance pricing and underwriting services, auto insurance services for new energy vehicle (NEV) manufacturers, green auto insurance innovations, etc.

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Cheche Group shares rise as it expands insurance collaborations with BAIC Group&#39;s Beijing Anpeng, enhancing ties with new energy vehicle manufacturers in China.

What&#39;s Going On With Cheche Group Shares Today?

Contracts

Cheche Group&#39;s NEV insurance prospects soar with NIO partnership, aiming to revolutionize digital insurance management in China&#39;s EV market.





Cheche Group Rides High With NIO Partnership, Eyes Expansion: Details

Penny Stocks

XIACF

Key Takeaways:


	Cheche’s net revenue rose 1% year-on-year in the first quarter, lagging growth rates for the value and number of transactions on its platform
	The results indicate both insurance underwriters and Cheche are facing pricing pressure from growing competition in a sluggish auto market


By Warren Yang

Weak China Car Market Puts Brakes On Cheche&#39;s Growth

Cheche Group Inc. - Class A Ordinary Shares

Cheche Group Inc

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China CGame Inc

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CHINA CLEAN ENERGY INC by China Clean Energy, Inc.

China Clean Energy Inc

WIIM

Cheche Group shares are trading higher after Maxim Group initiated coverage on the stock with a Buy rating and announced a price target of $2.5.

Maxim Group initiates coverage on Cheche Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCG#NASDAQ">CCG</a>) with a Buy rating and announces Price Target of $2.5.

Price Target

Initiation

Analyst Ratings

Maxim Group Initiates Coverage On Cheche Group with Buy Rating, Announces Price Target of $2.5

Insider Trades

Cheche Group Announces CEO And Chairman, Lei Zhang, Purchase Class A Shares In The Open Market

Business Outlook
Cheche affirms its full year 2024 outlook, anticipating:
<ul>
<li>Net revenues&nbsp;to range from RMB3.5 billion to RMB3.7 billion, representing an increase of 6.1% to 12.1%, compared to the full year of 2023.</li>
<li>Total written premiums placed to range from RMB24.5 billion to RMB26.5 billion, representing an increase of 8.4% to 17.3%, compared to the full year of 2023.</li>
</ul>

Guidance

Cheche Group Maintained FY24 Revenue Of RMB3.5B-RMB3.7B, Up By 6.1%-12.1% YoY

Cheche Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCG#NASDAQ">CCG</a>) reported quarterly losses of $(0.02) per share. The company reported $117.22 million in sales this quarter.

Earnings

Cheche Group Q2 EPS $(0.02), Sales $117.22M

Cheche Group Expands Partnership With ARCFOX, Launches Full-Service Insurance Platform And Plans To Offer Ancillary Products Like GAP And Extended Warranty Insurance

Cheche Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCG#NASDAQ">CCG</a>) shares are <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39521532/cheche-group-announces-strategic-partnership-with-baic-groups-insurance-provider" rel="noreferrer noopener">trading higher on Thursday.</a>
The company inked a pact with Beijing Anpeng Insurance Broker Co., Ltd., as Cheche strengthens collaborations with new energy vehicle manufacturers in&nbsp;China.
Beijing Anpeng is a subsidiary of Beijing Automotive Group Co., Ltd. (BAIC Group) and handles explicitly the insurance business of BAIC Group&#8217;s car brands.&nbsp;
&#8220;In the future, the Company is going to attach great importance to insurance business opportunities with both traditional and NEV manufacturers,&#8221; said Lei Zhang, Founder, CEO, and Chairman of Cheche
The BAIC Group initiative is gaining momentum, as ARCFOX&#8217;s service system launches as a direct-sales channel.
Beijing Automotive aims to expand to 200 dealerships by year-end, while Beijing Hyundai plans to cover 100 dealerships with its service system by then.
On June 20, the company announced a <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39414366/cheche-group-rides-high-with-nio-partnership-eyes-expansion-details" rel="noreferrer noopener">partnership with NIO Insurance Broker</a>, a unit of NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>).
In the first quarter reported last month, Cheche said its partnerships with New Energy Vehicle&nbsp;companies led to 119,000 policies embedded in new New Energy Vehicle deliveries and corresponding written premium of&nbsp;RMB370.3 million&nbsp;with&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n39081987/cheche-group-reports-first-quarter-2024-unaudited-financial-results" rel="noreferrer noopener">11 partnerships with NEV manufacturers.</a>&nbsp;
This represented an increase of 124.5% and 78.5% compared to the prior-year quarter, respectively.
Price Action: CCG shares are trading higher by 3.23% to $0.7928 at last check Thursday.
Photo via Shutterstock

What's Going On With Cheche Group Shares Today?

Cheche Group Form Strategic Partnership With BAIC Group's Insurance Provider

Cheche Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCG#NASDAQ">CCG</a>) shares are trading higher after the company announced a partnership with NIO Insurance Broker, a unit of NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), as Cheche continues to&nbsp;deepen&nbsp;its collaborations with new energy vehicle (NEV)&nbsp;manufacturers.
Under the deal, Cheche&#8217;s advanced digital platform aims to streamline NIO&#8217;s auto insurance process, lower front-end delivery costs, and enhance <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39408433/cheche-group-announces-partnership-with-nio-insurance-broker" rel="noreferrer noopener">digital management of their insurance operations</a>.
NIO&#8217;s tailored digital insurance service system is slated for launch next quarter.
&#8220;The global NEV industry continues to experience substantial growth led by the Chinese NEV manufacturers,&#8221; said Lei Zhang, Founder, CEO, and Chairman of Cheche.
In the first quarter reported last month, Cheche said its partnerships with New Energy Vehicle&nbsp;companies led to 119,000 policies embedded in new New Energy Vehicle deliveries and corresponding written premium of&nbsp;RMB370.3 million&nbsp;with <a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n39081987/cheche-group-reports-first-quarter-2024-unaudited-financial-results" rel="noreferrer noopener">11 partnerships with NEV manufacturers.</a> This represented an increase of 124.5% and 78.5% compared to the prior-year quarter, respectively.
The latest announcement signifies Cheche&#8217;s New Energy Vehicle insurance business&#8217;s significant advancement.
Cheche plans to expand further by securing agreements with additional NEV companies by leveraging strong partnerships with leading Chinese New Energy Vehicle manufacturers.
This expansion will cover new policy issuance, insurance renewals, contract management, claims handling, and risk assessment.
&#8220;As a trusted service provider for&nbsp;NEV insurance services, we are committed to creating value for NIO and our other partners throughout the product lifecycle and will strive to retain our standing as the leading intelligent insurance platform for NEVs in&nbsp;China,&#8221; Zhang added.
Price Action: CCG shares are trading higher by 7.7% to $0.7960 at last check Thursday.
Photo via Shutterstock

Cheche Group shares are trading higher after the company announced a aprtnership with NIO Insurance Broker.

Cheche Group Partners With NIO Insurance; Terms Not Disclosed

<h4>Key Takeaways:</h4>
<ul>
<li>Cheche&rsquo;s net revenue rose 1% year-on-year in the first quarter, lagging growth rates for the value and number of transactions on its platform</li>
<li>The results indicate both insurance underwriters and Cheche are facing pricing pressure from growing competition in a sluggish auto market</li>
</ul>
By Warren Yang
China car sales that remain stuck in the slow lane are putting the brakes on revenue growth at&nbsp;Cheche Technology Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ccg#NASDAQ">CCG</a>). The country&rsquo;s recent proliferation of green vehicles provided one of the few sparks in the Tencent-backed online auto insurance company&rsquo;s&nbsp;<a href="https://www.prnewswire.com/news-releases/cheche-group-reports-first-quarter-2024-unaudited-financial-results-302159309.html">latest results</a>&nbsp;announced last week. But a broader sluggish car market, combined with intensifying competition, are likely to make Cheche&rsquo;s road to profitability an uphill climb.
Cheche reported its net revenue increased a mere 1% year-on-year to 787 million yuan ($109 million) in the first quarter. The revenue gain was markedly slower than improvements in the company&rsquo;s other performance metrics, as well as car sales growth in China during the three months, according to its second earnings report as a listed company.
The total amount of written premiums for insurance policies distributed through Cheche&rsquo;s platform increased 9.2% in the first quarter from a year earlier, while the number of transactions rose more than 20%.
The discrepancy between those growth rates indicates that both insurance underwriters and Cheche itself are facing pricing pressure, most likely due to stiff competition for business in China&rsquo;s sluggish car market. Cheche&rsquo;s underwriter partners may be cutting their policy prices to drive up sales in the competitive space. As that happens Cheche may be feeling pressure to lower its fees to support those partners, resulting in its nearly flat revenue growth despite the big increase in transactions on its platform.
Demand for new auto insurance is closely tied to vehicle sales. And the car market in China is sputtering as a slowing economy leads to intensifying competition among not only car makers and dealers, but also providers of related services like insurance.
During the first three months of this year, overall growth in vehicle sales in China grew an underwhelming 10.6% year-on-year.
Like many other players in China&rsquo;s auto ecosystem, Cheche is getting a critical boost from the country&rsquo;s new electric-vehicle (NEV) boom. The company started directly partnering with NEV makers back in 2022 in hopes of selling insurance to their customers. As part of the collaborations, Cheche embeds its platform in the carmakers&rsquo; operating systems to provide vehicle owners with easy access to a full suite of insurance functions, including renewals and claim submissions, as well as auxiliary services like repairs.
<h3>NEV Partnerships</h3>
In March, Cheche signed an agreement with an affiliate of&nbsp;Xiaomi&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/xiacf#OTC">XIACF</a>) to provide an auto insurance software-as-a service (SaaS) system for the smartphone maker, which launched its first electric vehicle to much fanfare that same month. Cheche will also offer services for Xiaomi car owners in various cities across China, including Beijing and Shenzhen.
Then last month, Cheche struck a partnership with Volkswagen&rsquo;s China venture to become the exclusive NEV insurance service provider for the German automaker, which has some ambitious plans to catch up with local rivals in China&rsquo;s battery-powered car market.
At the end of March, Cheche had partnerships with 11 NEV companies, which yielded 370 million yuan of written premiums in the first quarter, accounting for nearly 7% of the total for the period.
&ldquo;The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers,&rdquo; Cheche said in its earnings statement. &ldquo;Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution of its partnership with NEV manufacturers.&rdquo;
Cheche may be able to facilitate more insurance transactions through its growing tie-ups with NEV manufacturers, which may help to drive up its business volume growth. But growing revenue and improving margins may be more difficult, as the company&rsquo;s first-quarter results show.
Various factors can stop Cheche from increasing or simply sustaining the fees it charges its partners, which are one of its main income sources. Competition among those partners is one such factor, particularly after regulators started allowing insurers to set rates freely in 2015, making pricing a key differentiator among policies. As an insurance broker and not an actual policy underwriter, Cheche doesn&rsquo;t directly get squeezed by such competition. But it comes under pressure to lower its fees as its underwriting partners get squeezed.
On the expenditure side, Cheche also pays fees to its referral partners and other third parties, wiping out most of its revenue. Because of this, its gross profit margin was just about 4.3% in the first quarter, a bad figure for any business, never mind an online service provider that is typically expected to boast much higher margins.
The company&rsquo;s overall operating expenses vastly outweigh its gross profit, which means it&rsquo;s deeply in the red. It reported its adjusted net loss widened to 12.2 million yuan in the first quarter from a 7.8 million yuan loss a year earlier, partly due to post-listing fees related to its recent listing.
Cheche expects its revenue to increase 6% to 12% this year. That may look modest, but it&rsquo;s not so bad when considering that the China Association of Automobile Manufacturers expects domestic sales of passenger cars to increase just 3% this year. NEV sales will grow far faster than the overall market, at a projected pace of more than 20%, meaning Cheche&rsquo;s ability to drive deeper into that section of the market may determine whether it can hit its revenue target.
Cheche shares slid after its latest earnings disclosure, and have now lost almost 95% of their value since the company went public last September through a backdoor listing involving a merger with special purpose acquisition company (SPAC). They now trade at a depressed price-to-sales (P/S) ratio of just 0.17. Among comparable companies, the ratio for online car loan facilitator&nbsp;Yixin Group Ltd.&nbsp;(2858.HK) is higher but still not extremely impressive at 0.6, suggesting a lack of investor enthusiasm about businesses tied to China&rsquo;s auto market.
As things stand now, Cheche seems to be facing a bumpy road ahead as it seeks to win back investor interest.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Weak China Car Market Puts Brakes On Cheche's Growth

Shares of Pure Storage, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>) rose sharply in today's pre-market trading following better-than-expected <a href="https://www.benzinga.com/news/earnings/24/05/39075223/pure-storage-stock-climbs-after-better-than-expected-q1-results">first-quarter financial results.</a>
Pure Storage reported quarterly earnings of 32 cents per share, which beat the analyst consensus estimate of 21 cents. Quarterly sales clocked in at $693.479 million, beating the analyst consensus estimate of $680.972 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Pure Storage shares jumped 10.5% to $69.60 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Smart for Life, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMFL#NASDAQ">SMFL</a>) rose 60.5% to $6.27 in today's pre-market trading after gaining around 17% on Wednesday. Smart For Life completed restructuring program, enhancing financial stability.</li>
<li>Cue Health Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HLTH#NASDAQ">HLTH</a>) shares gained 56.7% to $0.0860 in pre-market trading. Cue Health shares dipped around 40% on Wednesday after the company announced that it filed voluntary petitions under Chapter 7 of the U.S. Bankruptcy Code in the District of Delaware to pursue a wind down of its business.</li>
<li>Verb Technology Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERB#NASDAQ">VERB</a>) gained 31.1% to $0.2114 in pre-market trading after gaining 15% on Wednesday.</li>
<li>OneMedNet Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONMD#NASDAQ">ONMD</a>) gained 28.7% to $2.51 in pre-market trading after the company announced that it has entered into a non-exclusive three-year Master Services Agreement with an undisclosed U.S.-based medical technology company.</li>
<li>Cheche Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCG#NASDAQ">CCG</a>) shares rose 26.4% to $1.82 in pre-market trading after gaining 8% on Wednesday. Cheche Group is expected to host a conference call to discuss first quarter 2024 results on Thursday, May 30.</li>
<li>Kintara Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTRA#NASDAQ">KTRA</a>) shares gained 20.6% to $0.3280 in pre-market trading after jumping around 45% on Wednesday.  </li>
<li>Nexalin Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXL#NASDAQ">NXL</a>) shares climbed 20.2% to $0.7997 in pre-market trading after dipping 29% on Wednesday.</li>
<li>C3.ai, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AI#NYSE">AI</a>) gained 11.2% to $26.60 in pre-market trading following strong fourth-quarter earnings</li>
<li>American Superconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMSC#NASDAQ">AMSC</a>) shares gained 7.7% to $17.00 in pre-market trading following strong quarterly earnings.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>NovaBay Pharmaceuticals, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBY#NYSE">NBY</a>) shares declined 42.4% to $0.0940 in pre-market trading. NovaBay Pharmaceuticals announced plans for a 1-for-35 reverse stock split and revealed the receipt of NYSE American notice regarding stockholders&#8217; equity.</li>
<li>UiPath Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>) shares declined 29.5% to $12.91 in pre-market trading after the company reported first-quarter earnings and announced a CEO transition.</li>
<li>Innovative Eyewear, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUCY#NASDAQ">LUCY</a>) shares dipped 24.2% to $0.7198 in pre-market trading. Innovative Eyewear reported closing of $2.5 million registered direct offering priced at-the-market under Nasdaq rules.</li>
<li>Onconetix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONCO#NASDAQ">ONCO</a>) shares fell 21.5% to $0.2309 in pre-market trading after jumping 80% on Wednesday.</li>
<li>Sonoma Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNOA#NASDAQ">SNOA</a>) shares fell 19.1% to $0.2104 in pre-market trading after gaining over 28% on Wednesday.</li>
<li>Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) shares fell 15.6% to $228.55 in pre-market trading. Salesforce reported upbeat earnings for the first quarter, while sales missed estimates. The company issued weak guidance for the second quarter.</li>
<li>Monogram Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGRM#NASDAQ">MGRM</a>) shares fell 12.5% to $1.77 in pre-market trading.</li>
<li>Brand Engagement Network, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNAI#NASDAQ">BNAI</a>) shares fell 12.2% to $2.32 in pre-market trading. BEN shares surged around 108% on Wednesday after the company announced a $4.95 million private placement and appointed Paul Chang to Co-CEO.</li>
<li>Sharps Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STSS#NASDAQ">STSS</a>) shares declined 10.8% to $0.4044 in pre-market trading after falling 12% on Wednesday. In a recent exchange filing, the company said it has entered into a series of agreements with Nephron SC and Nephron Sterile Compounding Centers.</li>
<li>Nutanix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) fell 10.2% to $65.80 in pre-market trading after reporting quarterly earnings.</li>
</ul>
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Why Pure Storage Shares Are Trading Higher By Over 10%; Here Are 20 Stocks Moving Premarket

Cheche Group shares are trading higher following Q1 earnings.

Business&nbsp;Outlook
For the full year of 2024, Cheche expects:
<ul>
<li>Net revenues&nbsp;to range from&nbsp;RMB3.5 billion&nbsp;to&nbsp;RMB3.7 billion, representing an increase of&nbsp;6.1%&nbsp;to&nbsp;12.1%, compared to the full year of 2023.</li>
<li>Total written premiums placed to range from&nbsp;RMB24.5 billion&nbsp;to&nbsp;RMB26.5 billion, representing an increase of&nbsp;8.4%&nbsp;to&nbsp;17.3%, compared to the full year of 2023.</li>
</ul>

Cheche Group Expects 2024 Net Revenues Of RMB3.5B-RMB3.7B, YoY Increase Of 6.1%-12.1%; Total Written Premiums Placed Of RMB24.5B-RMB26.5B, YoY Increase Of 8.4%-17.3%

Cheche Group Q1 Adj. EPS $(0.02), Sales $109.02M

Shares of Bank of Montreal (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMO#NYSE">BMO</a>) fell sharply during Wednesday's session after the company reported worse-than-expected <a href="https://www.benzinga.com/quote/BMO/earnings">second-quarter financial results</a>.
Bank of Montreal posted quarterly adjusted earnings of C$2.59 per share, missing market estimates of C$2.77 per share. The company's quarterly sales came in at C$7.988 billion missing expectations of C$8.046 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Bank of Montreal shares declined 7.1% to $89.32 on Wednesday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>ReShape Lifesciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RSLS#NASDAQ">RSLS</a>) shares jumped 82.8% to $0.3799 a day after it received the nod from the U.S. Patent And Trademark Office to issue a patent for its obesity treatment.</li>
<li>Innovative Eyewear, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUCY#NASDAQ">LUCY</a>) shares jumped 56.1% to $0.64 after the company launched its Eddie Bauer Smart Eyewear collection.</li>
<li>Brand Engagement Network, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNAI#NASDAQ">BNAI</a>) climbed 41% to $1.7900 after the company announced a $4.95 million private placement and appointed Paul Chang to co-CEO.</li>
<li>Siyata Mobile Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYTA#NASDAQ">SYTA</a>) gained 40% to $2.10. The company yesterday announced that it received an order from the City of Lancaster Public Utilities Department for its SD7 Push-to-Talk handsets, VK7 Vehicle Kits and related accessories.</li>
<li>AST SpaceMobile, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>) climbed 29% to $6.88 after the company announced a partnership with Verizon for direct-to-cellular AST SpaceMobile service when needed for Verizon customers.</li>
<li>Cheche Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCG#NASDAQ">CCG</a>) shares gained 25.4% to $1.67. Cheche Group is expected to host a conference call to discuss first quarter 2024 results on Thursday, May 30.</li>
<li>Mustang Bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBIO#NASDAQ">MBIO</a>) gained 25% to $0.2370.</li>
<li>Globavend Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GVH#NASDAQ">GVH</a>) jumped 23.5% to $1.89 after the company announced an MOU to acquire Top Logistics.</li>
<li>Ikena Oncology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IKNA#NASDAQ">IKNA</a>) gained 22.5% to $1.63 after the company announced it will discontinue development of IK-930 and evaluate strategic options for both the Company and its development pipeline.</li>
<li>Ooma, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OOMA#NYSE">OOMA</a>) rose 22.3% to $9.66 after the company reported better-than-expected first-quarter financial results and issued strong guidance for the second quarter.</li>
<li>Tantech Holdings Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TANH#NASDAQ">TANH</a>) jumped 22% to $0.80. Tantech recently received a notice of non-compliance from the Nasdaq.</li>
<li>Chewy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) rose 21.5% to $20.54 following better-than-expected first-quarter earnings.</li>
<li>SOPHiA GENETICS SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOPH#NASDAQ">SOPH</a>) gained 21.1% to $5.96.</li>
<li>Kintara Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTRA#NASDAQ">KTRA</a>) climbed 21% to $0.2290.</li>
<li>Surmodics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRDX#NASDAQ">SRDX</a>) gained 20.3% to $42.23 after the company announced it will be acquired by GTCR for $43 per share in cash for a total equity valuation of roughly $627 million.</li>
<li>Abercrombie &amp; Fitch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) gained 15.9% to $176.57 following better-than-expected first-quarter financial results.</li>
<li>DICK&#8217;S Sporting Goods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>) rose 15.8% to $225.87 as the company reported better-than-expected first-quarter FY24 earnings and raised the outlook.</li>
<li>Semler Scientific, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMLR#NASDAQ">SMLR</a>) rose 14.8% to $33.28. The company recently announced that its board of directors adopted bitcoin as its primary treasury reserve asset.</li>
<li>Scorpius Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCPX#NYSE">SCPX</a>) shares gained 14.2% to $0.1279 after gaining 6% on Tuesday.</li>
<li>Banzai International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNZI#NASDAQ">BNZI</a>) gained 13.5% to $0.1989. Banzai, last week, announced the pricing of a $2.5 million public offering.</li>
<li>Neonode Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NEON#NASDAQ">NEON</a>) jumped 12.9% to $3.2746.</li>
<li>Gyre Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GYRE#NASDAQ">GYRE</a>) jumped 12.3% to $11.40. Gyre Therapeutics announced expected addition to the Russell 2000&#xAE; and Russell 3000&#xAE; Indexes.</li>
<li>Immunovant, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMVT#NASDAQ">IMVT</a>) rose 11.3% to $31.66.</li>
<li>Ascent Solar Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTI#NASDAQ">ASTI</a>) gained 11.2% to $0.1660 following a 3% decline on Tuesday.</li>
<li>Box, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOX#NYSE">BOX</a>) rose 9.1% to $27.30 as the company reported its first-quarter financial results.</li>
<li>Titan Machinery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TITN#NASDAQ">TITN</a>) gained 8.2% to $19.18.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Faraday Future Intelligent Electric Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>) fell 38.8% to $0.7232. Faraday Future's annual report for fiscal year 2023 showed a revenue of $0.8 million, significantly below analyst estimates of $2.59 million. While the net loss narrowed from $602 million in 2022 to $432 million in 2023, it still paints a concerning financial picture.</li>
<li>AERWINS Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AWIN#NASDAQ">AWIN</a>) shares fell 37% to $5.74. AERWINS Technologies shares jumped 143% on Tuesday after the company reported a year-over-year increase in first-quarter EPS results.</li>
<li>SOBR Safe, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOBR#NASDAQ">SOBR</a>) shares fell 32% to $0.2889 after jumping 84% on Monday.</li>
<li>Cue Health Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HLTH#NASDAQ">HLTH</a>) shares dipped 29.1% to $0.0643 after the company announced that it filed voluntary petitions under Chapter 7 of the U.S. Bankruptcy Code in the District of Delaware to pursue a wind down of its business.</li>
<li>Sharps Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STSS#NASDAQ">STSS</a>) shares declined 26.4% to $0.3810 after surging 141% on Tuesday. In an exchange filing, the company said it has entered into a series of agreements with Nephron SC and Nephron Sterile Compounding Centers.</li>
<li>Fangdd Network Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUO#NASDAQ">DUO</a>) fell 23.8% to $0.8073.</li>
<li>Genetic Technologies Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GENE#NASDAQ">GENE</a>) declined 18.4% to $1.7301. GTG launched revolutionary geneType test covering 100% risk of breast and ovarian cancer.</li>
<li>CN Energy Group. Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNEY#NASDAQ">CNEY</a>) dipped 18% to $0.51.</li>
<li>Predictive Oncology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POAI#NASDAQ">POAI</a>) fell 17.6% to $1.72. Predictive Oncology shares surged 31% on Tuesday after the company announced results from its ovarian caner study with UPMC Magee-Womens Hospital.</li>
<li>Maravai LifeSciences Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVI#NASDAQ">MRVI</a>) dropped 15.3% to $9.15.</li>
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) shares declined 15.3% to $11.38 after the company announced the departure of its executive vice president and lowered guidance for the second quarter.</li>
<li>Bank OZK (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OZK#NASDAQ">OZK</a>) fell 15% to $39.30 after Citigroup downgraded the stock from Buy to Sell and lowered its price target from $57 to $37.</li>
<li>Crown ElectroKinetics Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRKN#NASDAQ">CRKN</a>) dipped 15% to $0.0909.</li>
<li>Onfolio Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONFO#NASDAQ">ONFO</a>) shares fell 14.3% to $1.13 in pre-market trading after jumping around 36% on Tuesday. Onfolio Holdings, last week, posted a quarterly loss of 14 cents per share.</li>
<li>Veru Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERU#NASDAQ">VERU</a>) fell 13.1% to $0.9644.</li>
<li>Telephone and Data Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDS#NYSE">TDS</a>) fell 9.3% to $17.31. JP Morgan analyst Sebastiano Petti maintained Telephone and Data with an Overweight and lowered the price target from $36 to $34.</li>
<li>Toast, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>) fell 6.4% to $23.81.</li>
<li>Advance Auto Parts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAP#NYSE">AAP</a>) fell 5.5% to $66.28 following quarterly earnings.</li>
<li>CAVA Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>) shares declined 4.2% to $78.92 following first-quarter results.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/05/39062044/amazon-target-diamondback-energy-and-more-on-cnbcs-final-trades">Amazon, Target, Diamondback Energy And More On CNBC&#8217;s &#8216;Final Trades</a>&#8216;

Intraday Update

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Why Bank of Montreal Shares Are Trading Lower By Around 7%? Here Are Other Stocks Moving In Wednesday's Mid-Day Session

Cheche Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCG#NASDAQ">CCG</a>) shares are trading higher Wednesday. The company is set to report its first-quarter financial results <a href="https://www.benzinga.com/news/24/05/39061101/why-ooma-shares-are-trading-higher-by-around-17-here-are-20-stocks-moving-premarket">Thursday before the bell.&nbsp;</a>
What To Know:
Earlier in May, Cheche Group <a href="https://www.benzinga.com/pressreleases/24/05/n38788628/cheche-group-announces-partnership-with-volkswagen-anhui-digital-sales-and-services-to-better-supp">announced </a>it entered into an exclusive partnership with Volkswagen (Anhui) Digital Sales and Services Co., Ltd., as the company's exclusive service provider of NEV insurance business.&nbsp;
&#8220;China&#8217;s new energy vehicles have achieved such phenomenal success,&#8221; said Lei Zhang, CEO of Cheche. &#8220;As the exclusive service provider for Volkswagen Anhui&#8217;s NEV insurance business, we are committed to creating value for clients through our platform and look forward to working with our new energy vehicle partners to innovate, scale, and provide industry-leading solutions.&#8221;
The company is set to report its first-quarter financial results Thursday before the bell and will host a conference call to discuss the results at 8:00 a.m. ET. Cheche reported losses of 1 cent per share and revenue of $122.224 million in the previous quarter.&nbsp;
Cheche Group is China&#8217;s independent technology-empowered platform for auto insurance transaction services for digital auto insurance transaction premiums and insurance technology companies.&nbsp;
Related News: <a href="https://www.benzinga.com/news/24/05/39044800/whats-going-on-with-fuelcell-energy-stock">What&#8217;s Going On With FuelCell Energy Stock?</a>
<h2 class="wp-block-heading">How To Buy CCG Stock: </h2>
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Cheche Group's case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
CCG Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Cheche Group shares are up 7.5% at $1.43 at the time of publication Wednesday.
Image: Gerd Altmann from Pixabay

What's Going On With Cheche Group Stock?

Shares of Ooma, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OOMA#NYSE">OOMA</a>) rose sharply in today's pre-market trading after the company reported better-than-expected first-quarter financial results and issued strong guidance <a href="https://www.benzinga.com/quote/OOMA/earnings">for the second quarter</a>.
The company also issued FY25 adjusted EPS guidance above estimates.
Ooma shares jumped 17% to $9.24 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>ReShape Lifesciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RSLS#NASDAQ">RSLS</a>) rose 130.2% to $0.4789 in today's pre-market trading after the company announced that it received a notice of allowance for its U.S. patent application 17/572,387 titled &#8220;INTRAGASTRIC DEVICE (FOR TREATING OBESITY)&#8221;</li>
<li>Scorpius Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCPX#NYSE">SCPX</a>) shares gained 48.7% to $0.1665 in pre-market trading after gaining 6% on Tuesday.</li>
<li>Banzai International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNZI#NASDAQ">BNZI</a>) gained 39.2% to $0.2440 in pre-market trading. Banzai, last week, announced the pricing of a $2.5 million public offering.</li>
<li>Ascent Solar Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTI#NASDAQ">ASTI</a>) gained 33.6% to $0.1996 in pre-market trading following a 3% decline on Tuesday.</li>
<li>A2Z Smart Technologies Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZ#NASDAQ">AZ</a>) shares rose 21.4% to $0.51 in pre-market trading.</li>
<li>Cheche Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCG#NASDAQ">CCG</a>) shares gained 18.1% to $1.57 in pre-market trading. Cheche Group is expected to host a conference call to discuss first quarter 2024 results on Thursday, May 30.</li>
<li>Digital Brands Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBGI#NASDAQ">DBGI</a>) shares climbed 14.2% to $2.00 in pre-market trading. Digital Brands Group, last week, posted a first-quarter loss of 46 cents per share.</li>
<li>Mainz Biomed N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MYNZ#NASDAQ">MYNZ</a>) gained 13.4% to $0.8615 in pre-market trading after jumping over 34% on Tuesday.</li>
<li>Syndax Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDX#NASDAQ">SNDX</a>) gained 9.6% to $22.00 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Cue Health Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HLTH#NASDAQ">HLTH</a>) shares declined 41.9% to $0.0526 in pre-market trading after the company announced that it filed voluntary petitions under Chapter 7 of the U.S. Bankruptcy Code in the District of Delaware to pursue a wind down of its business.</li>
<li>Sharps Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STSS#NASDAQ">STSS</a>) shares declined 35% to $0.3364 in pre-market trading after surging 141% on Tuesday. In an exchange filing, the company said it has entered into a series of agreements with Nephron SC and Nephron Sterile Compounding Centers.</li>
<li>SOBR Safe, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOBR#NASDAQ">SOBR</a>) shares dipped 29.6% to $0.2991 in pre-market trading after jumping 84% on Monday.</li>
<li>AERWINS Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AWIN#NASDAQ">AWIN</a>) shares fell 29.5% to $6.44 in pre-market trading. AERWINS Technologies shares jumped 143% on Tuesday after the company reported a year-over-year increase in first-quarter EPS results.</li>
<li>Faraday Future Intelligent Electric Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>) shares fell 25.5% to $0.8709 in pre-market trading. Faraday Future Intelligent Electric recently said it is withdrawing its production target guidance for 2024 due to current market conditions and current levels of funding.</li>
<li>Exicure, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) shares fell 21.6% to $0.2897 in pre-market trading after gaining 9% on Tuesday.</li>
<li>Innovative Eyewear, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUCY#NASDAQ">LUCY</a>) shares fell 17.5% to $0.3380 in pre-market trading. Innovative Eyewear shares dipped 58% on Tuesday after the company announced a $2.5 million registered direct offering.</li>
<li>Onfolio Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONFO#NASDAQ">ONFO</a>) shares fell 15% to $1.13 in pre-market trading after jumping around 36% on Tuesday. Onfolio Holdings, last week, posted a quarterly loss of 14 cents per share.</li>
<li>Predictive Oncology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POAI#NASDAQ">POAI</a>) fell 14.6% to $1.78 in pre-market trading. Predictive Oncology shares surged 31% on Tuesday after the company announced results from its ovarian caner study with UPMC Magee-Womens Hospital.</li>
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) shares declined 7.2% to $12.47 in pre-market trading after the company announced the departure of its executive vice president and lowered guidance for the second quarter.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/05/39055083/advance-auto-parts-ooma-and-3-stocks-to-watch-heading-into-wednesday">Advance Auto Parts, Ooma And 3 Stocks To Watch Heading Into Wednesday</a>

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Why Ooma Shares Are Trading Higher By Around 17%; Here Are 20 Stocks Moving Premarket

Cheche Group Partners With Volkswagen (Anhui) Digital Sales And Services To Enhance NEV Insurance Business Support

Cheche Group reports Q2 results

Cheche Group (CCG) has released an update. Cheche Group Inc., a leader in China's auto insurance technology, reports a slight revenue increase and ...

Cheche Group Shows Resilience in Q2 2024 Financials

Cheche Group (CCG) has released an update. Cheche Group Inc., a leader in China's auto insurance technology, has partnered with JI YUE, a Baidu and...

Cheche Group Expands Into NEV Sector with JI YUE

Cheche Group announces partnership with NEV company JI YUE

Cheche Group (CCG) has released an update. Cheche Group Inc., a leading Chinese auto insurance technology platform, has announced a strategic partn...

Cheche Group Forges Key Partnership with Laoyou Insurance

Cheche Group (CCG) has released an update. Cheche Group Inc. has released its unaudited interim condensed consolidated financial statements, reveal...

Cheche Group Reports Growth in Total Assets

Cheche Group (CCG) has released an update. Lei Zhang, CEO of China's prominent auto insurance tech company Cheche Group, has increased his stake in...

Cheche Group CEO Invests in Company's Growth

Cheche Group (CCG) has released an update. Cheche Group Inc., a leader in China's auto insurance technology, has announced a strategic partnership ...

Cheche Group Forges Strategic Insurance Partnership

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