Hesai Group (NASDAQ:HSAI) Shares Gap Up – Here’s Why

Hesai Group (NASDAQ:HSAI)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $17.85, but opened at $18.58. Hesai Group shares last traded at $17.90, with a volume of 806,559 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently issued reports on HSAI shares. Morgan Stanley downgraded shares of Hesai Group from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $5.80 to $15.00 in a report on Monday, January 13th. The Goldman Sachs Group raised shares of Hesai Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th.

Hesai Group Trading Up 0.1 %

The company has a market capitalization of $2.27 billion, a P/E ratio of -40.53, a P/E/G ratio of 1.37 and a beta of 1.26. The company has a 50-day simple moving average of $14.71 and a 200 day simple moving average of $8.34. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08.

Hesai Group (NASDAQ:HSAI) last announced its earnings results on Monday, November 25th. The company reported ($0.05) earnings per share (EPS) for the quarter. Hesai Group had a negative return on equity of 6.79% and a negative net margin of 20.31%. Sell-side analysts expect that Hesai Group will post -0.14 earnings per share for the current year.

Institutional Investors Weigh In On Hesai Group

Several hedge funds have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. grew its holdings in shares of Hesai Group by 47.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock worth $138,000 after purchasing an additional 9,500 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Hesai Group in the 4th quarter valued at $138,000. Hsbc Holdings PLC bought a new position in shares of Hesai Group during the 4th quarter worth about $159,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Hesai Group during the 4th quarter valued at about $168,000. Finally, Fox Run Management L.L.C. bought a new stake in Hesai Group in the fourth quarter valued at about $177,000. Institutional investors own 48.53% of the company’s stock.

About Hesai Group

Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous passenger and freight mobility services; and other applications, such as delivery robots, street sweeping robots, and logistics robots in restricted areas.