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 $17.85, but opened at $18.58. Hesai Group shares last traded at $17.90, with a volume of 806,559 shares changing hands.

Analysts Set New Price Targets

HSAI has been the topic of a number of analyst reports. Morgan Stanley cut shares of Hesai Group from an “overweight” rating to an “equal weight” rating and boosted their target price for the company 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 company from $5.50 to $18.40 in a report on Tuesday, January 14th.

Hesai Group Price Performance

The business’s fifty day simple moving average is $14.98 and its 200-day simple moving average is $8.47. 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 has a market cap of $2.49 billion, a P/E ratio of -44.61, a PEG ratio of 1.37 and a beta of 1.26.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new position in shares of Hesai Group in the fourth quarter worth $138,000. Hsbc Holdings PLC bought a new position in shares of Hesai Group in the fourth quarter worth $159,000. Landscape Capital Management L.L.C. bought a new position in shares of Hesai Group in the fourth quarter worth $168,000. Fox Run Management L.L.C. bought a new position in shares of Hesai Group in the fourth quarter worth $177,000. Finally, Squarepoint Ops LLC bought a new position in shares of Hesai Group in the fourth quarter worth $327,000. Institutional investors 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.