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

Hesai Group (NASDAQ:HSAI)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $14.80, but opened at $15.60. Hesai Group shares last traded at $15.89, with a volume of 1,678,875 shares.

Analyst Ratings Changes

Several research firms have recently commented on HSAI. Daiwa Capital Markets assumed coverage on Hesai Group in a report on Tuesday, March 11th. They set a “buy” rating and a $35.00 price objective for the company. Daiwa America upgraded shares of Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th. Morgan Stanley lowered shares of Hesai Group from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $5.80 to $15.00 in a research note on Monday, January 13th. Finally, 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 Stock Down 1.1 %

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 stock has a market capitalization of $2.19 billion, a PE ratio of -39.16, a P/E/G ratio of 1.44 and a beta of 1.35. The stock’s fifty day simple moving average is $17.58 and its 200-day simple moving average is $11.44.

Institutional Investors Weigh In On Hesai Group

Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new position in shares of Hesai Group in the 4th quarter worth approximately $138,000. Hsbc Holdings PLC bought a new stake in Hesai Group during the fourth quarter worth $159,000. Landscape Capital Management L.L.C. purchased a new position in Hesai Group in the fourth quarter worth $168,000. Fox Run Management L.L.C. purchased a new position in Hesai Group in the fourth quarter worth $177,000. Finally, Jane Street Group LLC grew its stake in Hesai Group by 11.9% in the 3rd quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock valued at $230,000 after purchasing an additional 5,186 shares during the period. 48.53% of the stock is 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.