Hesai Group (NASDAQ:HSAI) Shares Gap Up – Still a Buy?

Hesai Group (NASDAQ:HSAI) shares gapped up before the market opened on Monday . The stock had previously closed at $19.80, but opened at $20.77. Hesai Group shares last traded at $20.04, with a volume of 905,878 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Daiwa America upgraded Hesai Group to a “strong-buy” rating in a research report on Tuesday, March 11th. Morgan Stanley lowered shares of Hesai Group from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $5.80 to $15.00 in a research note on Monday, January 13th. Daiwa Capital Markets initiated coverage on shares of Hesai Group in a research note on Tuesday, March 11th. They set a “buy” rating and a $35.00 target price on the stock. Finally, The Goldman Sachs Group raised Hesai Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th.

Hesai Group Stock Performance

The company has a quick ratio of 2.65, a current ratio of 3.08 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $2.82 billion, a P/E ratio of -50.18, a PEG ratio of 1.44 and a beta of 1.07. The company’s 50-day moving average is $16.68 and its two-hundred day moving average is $10.16.

Hedge Funds Weigh In On Hesai Group

Large investors have recently added to or reduced their stakes in the business. Lightspeed Management Company L.L.C. purchased a new position in shares of Hesai Group in the fourth quarter valued at about $110,560,000. Robert Bosch GmbH bought a new position in Hesai Group during the 4th quarter valued at approximately $105,768,000. Millennium Management LLC purchased a new stake in Hesai Group in the 4th quarter worth approximately $14,736,000. Voloridge Investment Management LLC bought a new stake in shares of Hesai Group in the 4th quarter worth approximately $9,496,000. Finally, D. E. Shaw & Co. Inc. bought a new position in shares of Hesai Group during the fourth quarter valued at approximately $9,265,000. Hedge funds and other institutional investors own 48.53% of the company’s stock.

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.