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

Shares of Hesai Group (NASDAQ:HSAI) gapped up before the market opened on Friday . The stock had previously closed at $17.35, but opened at $18.50. Hesai Group shares last traded at $18.31, with a volume of 1,682,695 shares traded.

Wall Street Analyst Weigh In

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

Hesai Group Trading Up 5.4 %

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 cap of $2.40 billion, a price-to-earnings ratio of -41.57, a PEG ratio of 1.44 and a beta of 1.17. The firm has a 50 day moving average price of $16.38 and a two-hundred day moving average price of $12.98.

Institutional Trading of Hesai Group

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