Hesai Group (NASDAQ:HSAI) Sees Strong Trading Volume – Here’s What Happened

Shares of Hesai Group (NASDAQ:HSAI) saw an uptick in trading volume on Thursday . 1,276,774 shares changed hands during trading, a decline of 23% from the previous session’s volume of 1,649,882 shares.The stock last traded at $20.89 and had previously closed at $22.55.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Morgan Stanley lowered shares of Hesai Group from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $5.80 to $15.00 in a research report on Monday, January 13th. Daiwa Capital Markets assumed coverage on Hesai Group in a research note on Tuesday. They set a “buy” rating and a $35.00 price objective on the stock. Finally, The Goldman Sachs Group upgraded shares of Hesai Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $5.50 to $18.40 in a report on Tuesday, January 14th.

Hesai Group Trading Down 7.0 %

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 stock’s 50 day moving average is $16.51 and its 200-day moving average is $9.89. The company has a market cap of $2.66 billion, a PE ratio of -47.63, a P/E/G ratio of 1.44 and a beta of 1.07.

Institutional Trading of Hesai Group

Several institutional investors and hedge funds have recently made changes to their positions in HSAI. Jane Street Group LLC raised its stake in 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 buying an additional 5,186 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Hesai Group during the fourth quarter worth about $138,000. Hsbc Holdings PLC purchased a new position in shares of Hesai Group during the 4th quarter valued at approximately $159,000. Landscape Capital Management L.L.C. purchased a new position in Hesai Group in the fourth quarter valued at $168,000. Finally, Fox Run Management L.L.C. acquired a new position in Hesai Group in the 4th quarter worth about $177,000. 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.