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

Hesai Group (NASDAQ:HSAI) shares gapped up prior to trading on Monday . The stock had previously closed at $19.80, but opened at $20.77. Hesai Group shares last traded at $20.04, with a volume of 905,878 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have issued reports on HSAI. Daiwa Capital Markets began coverage on Hesai Group in a report on Tuesday, March 11th. They issued a “buy” rating and a $35.00 price objective for the company. The Goldman Sachs Group raised shares of Hesai Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $5.50 to $18.40 in a research note on Tuesday, January 14th. Morgan Stanley downgraded shares of Hesai Group from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $5.80 to $15.00 in a research note on Monday, January 13th. Finally, Daiwa America upgraded Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th.

Hesai Group Trading Up 12.1 %

The firm has a market cap of $2.82 billion, a P/E ratio of -50.18, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08. The stock has a fifty day simple moving average of $16.68 and a 200 day simple moving average of $10.16.

Institutional Trading of Hesai Group

A number of large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new stake in Hesai Group in the 4th quarter worth approximately $138,000. Hsbc Holdings PLC purchased a new stake in Hesai Group during the fourth quarter valued at $159,000. Landscape Capital Management L.L.C. purchased a new position in Hesai Group in the fourth quarter worth about $168,000. Fox Run Management L.L.C. purchased a new position in shares of Hesai Group in the fourth quarter worth approximately $177,000. Finally, Jane Street Group LLC increased its stake in shares of Hesai Group by 11.9% in the 3rd quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock worth $230,000 after purchasing an additional 5,186 shares in the last quarter. 48.53% of the stock is currently owned by institutional investors.

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.