Traders Buy Large Volume of Put Options on Hesai Group (NASDAQ:HSAI)

Hesai Group (NASDAQ:HSAI) was the target of some unusual options trading on Tuesday. Traders purchased 4,502 put options on the company. This represents an increase of 57% compared to the average daily volume of 2,859 put options.

Hesai Group Price Performance

NASDAQ:HSAI opened at $20.75 on Thursday. The company has a market capitalization of $2.64 billion, a P/E ratio of -47.16, a P/E/G ratio of 1.44 and a beta of 1.07. The company has a quick ratio of 2.65, a current ratio of 3.08 and a debt-to-equity ratio of 0.08. Hesai Group has a 52 week low of $3.52 and a 52 week high of $24.18. The stock’s fifty day moving average is $17.09 and its two-hundred day moving average is $10.48.

Institutional Trading of Hesai Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC boosted its stake in 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 buying an additional 5,186 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Hesai Group in the 4th quarter valued at $138,000. Hsbc Holdings PLC acquired a new position in Hesai Group during the 4th quarter worth about $159,000. Landscape Capital Management L.L.C. purchased a new position in Hesai Group during the 4th quarter valued at about $168,000. Finally, Fox Run Management L.L.C. acquired a new position in Hesai Group in the 4th quarter valued at about $177,000. 48.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on HSAI. The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th. Daiwa America upgraded Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th. Daiwa Capital Markets assumed 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. Finally, Morgan Stanley downgraded shares of Hesai Group from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $5.80 to $15.00 in a research note on Monday, January 13th.

Hesai Group Company Profile

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.