Hesai Group (NASDAQ:HSAI) Sees Large Volume Increase – Here’s Why

Shares of Hesai Group (NASDAQ:HSAI) saw strong trading volume on Friday . 1,953,701 shares traded hands during mid-day trading, an increase of 5% from the previous session’s volume of 1,862,461 shares.The stock last traded at $15.31 and had previously closed at $17.26.

Analyst Upgrades and Downgrades

HSAI has been the subject of several recent analyst reports. Daiwa America raised shares of Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th. Daiwa Capital Markets started coverage on shares of Hesai Group in a research report on Tuesday, March 11th. They set a “buy” rating and a $35.00 target price for the company. The Goldman Sachs Group raised Hesai Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $5.50 to $18.40 in a research report on Tuesday, January 14th. Finally, Morgan Stanley cut Hesai Group from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $5.80 to $15.00 in a research report on Monday, January 13th.

Hesai Group Trading Down 10.2 %

The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08. The company’s 50 day moving average is $17.55 and its 200 day moving average is $11.04. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of -35.48, a PEG ratio of 1.44 and a beta of 1.07.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Jane Street Group LLC increased its stake in Hesai Group by 11.9% during the third quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock valued at $230,000 after acquiring an additional 5,186 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Hesai Group in the fourth quarter valued at $138,000. Hsbc Holdings PLC bought a new position in Hesai Group in the fourth quarter worth $159,000. Landscape Capital Management L.L.C. acquired a new stake in Hesai Group during the fourth quarter worth $168,000. Finally, Fox Run Management L.L.C. bought a new stake in Hesai Group in the 4th quarter valued at $177,000. 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.