Hesai Group (NASDAQ:HSAI) Sees Unusually-High Trading Volume – Here’s What Happened

Hesai Group (NASDAQ:HSAI) saw unusually-high trading volume on Thursday . Approximately 1,276,774 shares changed hands during trading, a decline of 23% from the previous session’s volume of 1,649,882 shares.The stock last traded at $20.89 and had previously closed at $22.55.

Wall Street Analyst Weigh In

HSAI has been the topic of a number of recent research reports. Morgan Stanley cut 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. Daiwa America raised Hesai Group to a “strong-buy” rating in a research report on Tuesday. The Goldman Sachs Group raised 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. Finally, Daiwa Capital Markets began coverage on Hesai Group in a research report on Tuesday. They set a “buy” rating and a $35.00 price target on the stock.

Hesai Group Price Performance

The business has a fifty day moving average of $16.68 and a 200-day moving average of $10.08. The firm has a market cap of $2.52 billion, a PE ratio of -45.00, a PEG 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

Institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC purchased a new stake in Hesai Group during the 4th quarter worth about $138,000. Hsbc Holdings PLC bought a new position in Hesai Group in the 4th quarter worth about $159,000. Landscape Capital Management L.L.C. bought a new position in Hesai Group in the 4th quarter worth about $168,000. Fox Run Management L.L.C. bought a new position in Hesai Group in the 4th quarter worth about $177,000. Finally, Jane Street Group LLC increased 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 worth $230,000 after acquiring an additional 5,186 shares during the last quarter. Hedge funds and other institutional investors own 48.53% of the company’s stock.

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.