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

Shares of Hesai Group (NASDAQ:HSAI) gapped up before the market opened on Wednesday . The stock had previously closed at $8.00, but opened at $8.65. Hesai Group shares last traded at $9.26, with a volume of 2,308,330 shares changing hands.

Hesai Group Price Performance

The firm has a market cap of $1.20 billion, a P/E ratio of -19.93 and a beta of 2.58. The company has a quick ratio of 2.65, a current ratio of 3.08 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $5.00 and a two-hundred day moving average of $4.57.

Hedge Funds Weigh In On Hesai Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HSAI. Jane Street Group LLC lifted its holdings in shares of Hesai Group by 11.9% in the third 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 in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Hesai Group by 47.5% in the third 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 boosted its holdings in shares of Hesai Group by 44.1% during the second quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock worth $208,000 after purchasing an additional 15,200 shares during the period. Susquehanna Fundamental Investments LLC increased its stake in Hesai Group by 107.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock valued at $605,000 after buying an additional 74,888 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new stake in Hesai Group in the 3rd quarter worth approximately $924,000. Institutional investors and hedge funds own 48.53% of the company’s stock.

Hesai Group Company Profile

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.