Hesai Group (NASDAQ:HSAI) Shares Gap Up – Still a 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 trading hands.

Analyst Ratings Changes

Several research firms have issued reports on HSAI. Daiwa Capital Markets began coverage on shares of Hesai Group in a research report on Tuesday. They set a “buy” rating and a $35.00 price target on the stock. Morgan Stanley cut Hesai Group from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $5.80 to $15.00 in a report on Monday, January 13th. Finally, The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th.

Hesai Group Trading Up 34.5 %

The firm has a market capitalization of $2.74 billion, a P/E ratio of -48.95, a PEG ratio of 1.44 and a beta of 1.07. 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 has a 50 day moving average of $16.13 and a 200-day moving average of $9.67.

Institutional Investors Weigh In On Hesai Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Polunin Capital Partners Ltd lifted its holdings in shares of Hesai Group by 17.9% during the 4th quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company’s stock worth $16,733,000 after acquiring an additional 183,417 shares during the period. Jane Street Group LLC lifted its position in shares of 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 last quarter. China Universal Asset Management Co. Ltd. grew its position in Hesai Group by 49.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company’s stock valued at $608,000 after acquiring an additional 14,500 shares during the last quarter. Main Management ETF Advisors LLC bought a new stake in shares of Hesai Group during the 3rd quarter valued at approximately $924,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Hesai Group during the fourth quarter worth $1,494,000. 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.