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

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 trading hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on HSAI. The Goldman Sachs Group upgraded shares of Hesai Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $5.50 to $18.40 in a research report on Tuesday, January 14th. Morgan Stanley lowered shares of Hesai Group from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $5.80 to $15.00 in a research report on Monday, January 13th.

Hesai Group Trading Up 6.1 %

The stock has a market capitalization of $2.49 billion, a P/E ratio of -44.61, a P/E/G ratio of 1.37 and a beta of 1.26. The firm’s 50 day moving average price is $14.98 and its 200 day moving average price is $8.47. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings data on Monday, November 25th. The company reported ($0.05) 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, equities research analysts expect that Hesai Group will post -0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

Institutional investors have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. raised its stake in Hesai Group by 47.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock worth $138,000 after buying an additional 9,500 shares in the last quarter. Renaissance Technologies LLC bought a new position in Hesai Group in the fourth quarter worth about $138,000. Hsbc Holdings PLC bought a new position in Hesai Group in the fourth quarter worth about $159,000. Landscape Capital Management L.L.C. bought a new position in shares of Hesai Group during the fourth quarter valued at approximately $168,000. Finally, Fox Run Management L.L.C. bought a new position in shares of Hesai Group during the fourth quarter valued at approximately $177,000. 48.53% of the stock is 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.