Hesai Group (NASDAQ:HSAI) Shares Gap Up – Time to Buy?

Hesai Group (NASDAQ:HSAI) gapped up before the market opened on Monday . The stock had previously closed at $19.80, but opened at $20.77. Hesai Group shares last traded at $20.04, with a volume of 905,878 shares trading hands.

Wall Street Analyst Weigh In

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

Hesai Group Price Performance

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 business has a 50-day moving average price of $16.95 and a two-hundred day moving average price of $10.41. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of -46.73, a PEG ratio of 1.44 and a beta of 1.07.

Hedge Funds Weigh In On Hesai Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new position in Hesai Group in the 4th quarter worth approximately $138,000. Hsbc Holdings PLC bought a new position in Hesai Group in the 4th quarter worth approximately $159,000. Landscape Capital Management L.L.C. bought a new position in Hesai Group in the 4th quarter worth approximately $168,000. Fox Run Management L.L.C. bought a new position in Hesai Group in the 4th quarter worth approximately $177,000. Finally, Squarepoint Ops LLC bought a new position in Hesai Group in the 4th quarter worth approximately $327,000. 48.53% of the stock is owned by institutional investors.

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.