Hesai Group (NASDAQ:HSAI) Shares Gap Up – What’s Next?

Hesai Group (NASDAQ:HSAI) shares gapped up prior to trading on Wednesday . The stock had previously closed at $17.85, but opened at $18.58. Hesai Group shares last traded at $17.90, with a volume of 806,559 shares traded.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Morgan Stanley downgraded Hesai Group from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $5.80 to $15.00 in a research report on Monday, January 13th. The Goldman Sachs Group raised Hesai Group from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $5.50 to $18.40 in a report on Tuesday, January 14th.

Hesai Group Stock Performance

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 stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -40.53, a price-to-earnings-growth ratio of 1.37 and a beta of 1.26. The stock’s 50-day simple moving average is $14.71 and its 200 day simple moving average is $8.34.

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 return on equity of 6.79% and a negative net margin of 20.31%. Analysts expect that Hesai Group will post -0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

A number of institutional investors and hedge funds have recently bought and sold shares of HSAI. Polunin Capital Partners Ltd raised its holdings in shares of Hesai Group by 17.9% in the fourth 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. Jane Street Group LLC increased its position in 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 acquiring an additional 5,186 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in Hesai Group by 47.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock valued at $138,000 after acquiring an additional 9,500 shares in the last quarter. Main Management ETF Advisors LLC bought a new position in shares of Hesai Group in the third quarter worth about $924,000. Finally, Oberweis Asset Management Inc. acquired a new position in shares of Hesai Group during the fourth quarter worth approximately $387,000. 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.