Hesai Group (NASDAQ:HSAI) Shares Up 8.4% – What’s Next?

Hesai Group (NASDAQ:HSAI) shares rose 8.4% during trading on Wednesday . The company traded as high as $16.86 and last traded at $17.06. Approximately 392,531 shares were traded during trading, a decline of 74% from the average daily volume of 1,511,596 shares. The stock had previously closed at $15.74.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Morgan Stanley lowered Hesai Group from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $5.80 to $15.00 in a research note on Monday, January 13th. The Goldman Sachs Group raised Hesai Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $5.50 to $18.40 in a report on Tuesday, January 14th.

Hesai Group Price Performance

The company has a market capitalization of $2.16 billion, a PE ratio of -38.58, a price-to-earnings-growth ratio of 1.44 and a beta of 1.26. 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 firm’s 50-day moving average is $15.89 and its 200-day moving average is $9.31.

Hedge Funds Weigh In On Hesai Group

A number of hedge funds and other institutional investors have recently modified their holdings of HSAI. Lightspeed Management Company L.L.C. bought a new stake in Hesai Group in the 4th quarter worth approximately $110,560,000. Robert Bosch GmbH bought a new stake in shares of Hesai Group in the 4th quarter worth approximately $105,768,000. Millennium Management LLC purchased a new stake in shares of Hesai Group in the 4th quarter valued at $14,736,000. Voloridge Investment Management LLC purchased a new stake in shares of Hesai Group in the 4th quarter valued at $9,496,000. Finally, D. E. Shaw & Co. Inc. bought a new position in shares of Hesai Group during the 4th quarter valued at $9,265,000. 48.53% of the stock is currently owned by hedge funds and other 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.