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

Hesai Group (NASDAQ:HSAI)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $11.61, but opened at $12.15. Hesai Group shares last traded at $13.11, with a volume of 827,889 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HSAI shares. Daiwa Capital Markets started coverage on shares of Hesai Group in a report on Tuesday, March 11th. They set a “buy” rating and a $35.00 price target on the stock. Morgan Stanley lowered 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. Daiwa America raised Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th. Finally, The Goldman Sachs Group raised Hesai Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th.

Hesai Group Price Performance

The stock has a market cap of $1.89 billion, a P/E ratio of -32.76, a price-to-earnings-growth ratio of 1.44 and a beta of 1.35. The business has a 50-day simple moving average of $16.54 and a 200 day simple moving average of $12.34. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08.

Institutional Trading of Hesai Group

A number of large investors have recently bought and sold shares of the business. JTC Employer Solutions Trustee Ltd bought a new stake in shares of Hesai Group during the 1st quarter valued at about $42,000. Renaissance Technologies LLC bought a new stake in shares of Hesai Group in the 4th quarter valued at $138,000. Sovereign Financial Group Inc. bought a new position in Hesai Group during the first quarter worth $148,000. Hsbc Holdings PLC acquired a new stake in Hesai Group in the fourth quarter worth $159,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Hesai Group during the fourth quarter valued at about $168,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

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.