Hesai Group (NASDAQ:HSAI) Stock Price Up 8.4% – Here’s Why

Hesai Group (NASDAQ:HSAI)’s share price traded up 8.4% during trading on Wednesday . The stock traded as high as $16.86 and last traded at $17.06. 392,531 shares changed hands during trading, a decline of 74% from the average session volume of 1,511,596 shares. The stock had previously closed at $15.74.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on HSAI. Morgan Stanley lowered Hesai Group from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $5.80 to $15.00 in a report on Monday, January 13th. The Goldman Sachs Group raised Hesai Group from a “neutral” rating to a “buy” rating and raised their target price for the company from $5.50 to $18.40 in a research report on Tuesday, January 14th.

Hesai Group Price Performance

The business’s fifty day moving average is $15.89 and its 200 day moving average is $9.31. The company has a market cap of $2.16 billion, a P/E ratio of -38.58, a PEG ratio of 1.44 and a beta of 1.26. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Polunin Capital Partners Ltd boosted its holdings 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 worth $16,733,000 after buying an additional 183,417 shares during the period. Jane Street Group LLC raised its stake in shares of 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 period. China Universal Asset Management Co. Ltd. lifted its holdings in Hesai Group by 49.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company’s stock worth $608,000 after purchasing an additional 14,500 shares in the last quarter. Main Management ETF Advisors LLC bought a new position in Hesai Group in the 3rd quarter worth about $924,000. Finally, JPMorgan Chase & Co. purchased a new position in Hesai Group during the 4th quarter valued at about $1,494,000. Institutional investors 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.