Hesai Group (NASDAQ:HSAI) Shares Gap Up – Time to Buy?

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 Upgrades and Downgrades

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

Hesai Group Price Performance

The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of -51.25, a PEG ratio of 1.44 and a beta of 1.07. The stock’s 50 day moving average price is $16.51 and its two-hundred day moving average price is $9.89. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65.

Hedge Funds Weigh In On Hesai Group

Several large investors have recently bought and sold shares of HSAI. Renaissance Technologies LLC acquired a new position in Hesai Group during the 4th quarter valued at $138,000. Hsbc Holdings PLC acquired a new position in Hesai Group during the 4th quarter valued at $159,000. Landscape Capital Management L.L.C. acquired a new position in Hesai Group during the 4th quarter valued at $168,000. Fox Run Management L.L.C. acquired a new position in Hesai Group during the 4th quarter valued at $177,000. Finally, Jane Street Group LLC raised its stake in Hesai Group by 11.9% during the 3rd quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock valued at $230,000 after purchasing an additional 5,186 shares during the last quarter. 48.53% of the stock is currently owned by institutional investors and hedge funds.

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.