Hesai Group (NASDAQ:HSAI) Stock Price Up 6.3% – Here’s Why

Shares of Hesai Group (NASDAQ:HSAI) were up 6.3% on Monday . The stock traded as high as $16.75 and last traded at $16.41. Approximately 1,132,543 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 2,197,405 shares. The stock had previously closed at $15.44.

Analyst Upgrades and Downgrades

Several research firms have issued reports on HSAI. Morgan Stanley cut shares of Hesai Group from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $5.80 to $15.00 in a research note on Monday, January 13th. The Goldman Sachs Group upgraded shares of Hesai Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th.

Hesai Group Stock Up 1.6 %

The firm has a 50-day simple moving average of $12.69 and a 200 day simple moving average of $7.28. The company has a market capitalization of $1.99 billion, a PE ratio of -35.58, a price-to-earnings-growth ratio of 1.78 and a beta of 1.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65.

Hesai Group (NASDAQ:HSAI) last announced its earnings results on Monday, November 25th. The company reported ($0.05) EPS for the quarter. Hesai Group had a negative net margin of 20.31% and a negative return on equity of 6.79%. On average, research analysts predict that Hesai Group will post -0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Main Management ETF Advisors LLC acquired a new stake in Hesai Group during the 3rd quarter valued at $924,000. Polunin Capital Partners Ltd boosted its position in Hesai Group by 17.9% in the 4th quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company’s stock valued at $16,733,000 after buying an additional 183,417 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Hesai Group by 44.1% during the second quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock valued at $208,000 after acquiring an additional 15,200 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Hesai Group by 49.2% during 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 in the last quarter. Finally, Jane Street Group LLC increased its position in shares of Hesai Group by 11.9% during the third quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock worth $230,000 after acquiring an additional 5,186 shares during the last quarter. 48.53% of the stock is 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.