Hesai Group (NASDAQ:HSAI) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Hesai Group (NASDAQ:HSAI) saw strong trading volume on Friday . 1,953,701 shares were traded during mid-day trading, an increase of 5% from the previous session’s volume of 1,862,461 shares.The stock last traded at $15.31 and had previously closed at $17.26.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on HSAI shares. Daiwa Capital Markets began coverage on Hesai Group in a research report on Tuesday, March 11th. They set a “buy” rating and a $35.00 target price on the stock. Morgan Stanley downgraded shares of Hesai Group from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $5.80 to $15.00 in a report on Monday, January 13th. Daiwa America upgraded shares of Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th. Finally, The Goldman Sachs Group upgraded shares of Hesai Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $5.50 to $18.40 in a report on Tuesday, January 14th.

Hesai Group Trading Down 11.9 %

The stock has a market capitalization of $1.93 billion, a PE ratio of -34.55, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $17.54 and a 200-day moving average price of $11.17.

Institutional Trading of Hesai Group

A number of large investors have recently added to or reduced their stakes in HSAI. Renaissance Technologies LLC bought a new position in shares of Hesai Group during the 4th quarter valued at approximately $138,000. Hsbc Holdings PLC bought a new position in Hesai Group during the fourth quarter valued at $159,000. Landscape Capital Management L.L.C. bought a new position in Hesai Group during the fourth quarter valued at $168,000. Fox Run Management L.L.C. purchased a new stake in Hesai Group in the fourth quarter worth $177,000. Finally, Jane Street Group LLC lifted its position 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 buying an additional 5,186 shares during the last quarter. Hedge funds and other 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.