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.

Hesai Group Stock Up 18.5 %

The firm has a 50 day moving average of $5.00 and a 200-day moving average of $4.57. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65. The stock has a market capitalization of $1.20 billion, a P/E ratio of -19.93 and a beta of 2.58.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. raised its stake in shares of Hesai Group by 47.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock valued at $138,000 after buying an additional 9,500 shares in the last quarter. Renaissance Technologies LLC lifted its stake in 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. Jane Street Group LLC boosted its stake in Hesai Group by 11.9% in the 3rd 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 in the last quarter. Susquehanna Fundamental Investments LLC lifted its holdings in shares of Hesai Group by 107.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock valued at $605,000 after acquiring an additional 74,888 shares during the period. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Hesai Group in the 3rd quarter valued at $924,000. 48.53% of the stock is owned by institutional investors.

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.