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

Hesai Group (NASDAQ:HSAI)’s stock price 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 Ratings Changes

A number of research analysts have issued reports on the company. 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. Morgan Stanley cut shares of Hesai Group from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $5.80 to $15.00 in a research note on Monday, January 13th. Finally, Daiwa Capital Markets began coverage on shares of Hesai Group in a research note on Tuesday. They issued a “buy” rating and a $35.00 target price for the company.

Hesai Group Price 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’s 50-day moving average price is $16.13 and its 200-day moving average price is $9.67. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -48.95, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07.

Institutional Investors Weigh In On Hesai Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC boosted its stake in shares of 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 purchasing an additional 5,186 shares during the last quarter. Main Management ETF Advisors LLC bought a new position in Hesai Group during the third quarter worth about $924,000. China Universal Asset Management Co. Ltd. grew its stake in Hesai Group by 49.2% in 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 during the period. Polunin Capital Partners Ltd increased its stake in Hesai Group by 17.9% during the 4th quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company’s stock worth $16,733,000 after purchasing an additional 183,417 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in Hesai Group during the 4th quarter worth approximately $177,000. 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.