Hesai Group (NASDAQ:HSAI) Shares Gap Up – Should You Buy?

Hesai Group (NASDAQ:HSAI) shares gapped up prior to trading on Tuesday . The stock had previously closed at $14.80, but opened at $15.60. Hesai Group shares last traded at $15.89, with a volume of 1,678,875 shares traded.

Wall Street Analysts Forecast Growth

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

Hesai Group Stock Performance

The stock has a 50 day moving average price of $17.52 and a two-hundred day moving average price of $11.30. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of -37.47, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07.

Institutional Investors Weigh In On Hesai Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HSAI. Renaissance Technologies LLC acquired a new position in shares of Hesai Group during the fourth quarter worth approximately $138,000. Hsbc Holdings PLC acquired a new position in Hesai Group during the 4th quarter worth $159,000. Landscape Capital Management L.L.C. bought a new position in Hesai Group in the 4th quarter valued at $168,000. Fox Run Management L.L.C. bought a new position in Hesai Group in the 4th quarter valued at $177,000. Finally, Jane Street Group LLC increased its stake in shares of Hesai Group by 11.9% in the 3rd quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock valued at $230,000 after buying an additional 5,186 shares during the period. Institutional investors and hedge funds 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.