Hesai Group (NASDAQ:HSAI) Sees Strong Trading Volume – Still a Buy?

Hesai Group (NASDAQ:HSAI) shares saw unusually-strong trading volume on Friday . Approximately 2,521,379 shares traded hands during trading, an increase of 23% from the previous session’s volume of 2,055,613 shares.The stock last traded at $11.66 and had previously closed at $12.59.

Wall Street Analysts Forecast Growth

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

Hesai Group Stock Down 2.6 %

The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average price is $17.40 and its two-hundred day moving average price is $11.94. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -27.95, a price-to-earnings-growth ratio of 1.44 and a beta of 1.35.

Hedge Funds Weigh In On Hesai Group

A number of institutional investors have recently bought and sold shares of HSAI. JTC Employer Solutions Trustee Ltd bought a new position in shares of Hesai Group during the 1st quarter worth approximately $42,000. Renaissance Technologies LLC acquired a new stake in Hesai Group during the 4th quarter valued at $138,000. Sovereign Financial Group Inc. bought a new position in Hesai Group during the first quarter worth $148,000. Hsbc Holdings PLC acquired a new position in shares of Hesai Group in the fourth quarter valued at $159,000. Finally, Landscape Capital Management L.L.C. bought a new position in shares of Hesai Group in the fourth quarter valued at about $168,000. Institutional investors and hedge funds 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.