Hesai Group (NASDAQ:HSAI) Trading 6.6% Higher – Should You Buy?

Hesai Group (NASDAQ:HSAI) shot up 6.6% during trading on Monday . The company traded as high as $11.68 and last traded at $11.68. 944,409 shares were traded during mid-day trading, a decline of 57% from the average session volume of 2,184,260 shares. The stock had previously closed at $10.95.

Analysts Set New Price Targets

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

Hesai Group Stock Performance

The firm has a 50 day moving average price of $16.60 and a 200-day moving average price of $12.33. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08. The company has a market cap of $1.72 billion, a P/E ratio of -29.75, a P/E/G ratio of 1.44 and a beta of 1.35.

Institutional Investors Weigh In On Hesai Group

Large investors have recently added to or reduced their stakes in the stock. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of Hesai Group in the first quarter worth $42,000. Renaissance Technologies LLC bought a new position in Hesai Group in the 4th quarter worth $138,000. Sovereign Financial Group Inc. acquired a new position in Hesai Group during the 1st quarter worth $148,000. Hsbc Holdings PLC bought a new stake in Hesai Group during the fourth quarter valued at about $159,000. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of Hesai Group in the fourth quarter valued at about $168,000. Institutional investors own 48.53% of the company’s stock.

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.