Hesai Group (NASDAQ:HSAI) Shares Gap Up – Time to Buy?

Shares of Hesai Group (NASDAQ:HSAI) gapped up prior to trading on Tuesday . The stock had previously closed at $16.01, but opened at $18.50. Hesai Group shares last traded at $21.36, with a volume of 5,646,231 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on HSAI shares. Morgan Stanley cut shares of Hesai Group from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $5.80 to $15.00 in a research note on Monday, January 13th. The Goldman Sachs Group upgraded shares of Hesai Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th. Finally, Daiwa Capital Markets started coverage on shares of Hesai Group in a research note on Tuesday. They issued a “buy” rating and a $35.00 price objective for the company.

Hesai Group Stock Down 6.4 %

The firm’s 50 day moving average price is $16.51 and its 200-day moving average price is $9.89. The company has a market cap of $2.86 billion, a P/E ratio of -51.25, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07. 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

Hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in Hesai Group during the 4th quarter worth approximately $138,000. Hsbc Holdings PLC acquired a new stake in Hesai Group during the 4th quarter worth approximately $159,000. Landscape Capital Management L.L.C. acquired a new stake in Hesai Group during the 4th quarter worth approximately $168,000. Fox Run Management L.L.C. acquired a new stake in Hesai Group during the 4th quarter worth approximately $177,000. Finally, Jane Street Group LLC raised its holdings in Hesai Group by 11.9% during the 3rd quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock worth $230,000 after buying an additional 5,186 shares during the period. 48.53% of the stock is currently owned by institutional investors and hedge funds.

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.