Hesai Group (NASDAQ:HSAI) Sees Large Volume Increase – Still a Buy?

Shares of Hesai Group (NASDAQ:HSAI) saw strong trading volume on Tuesday . 1,023,359 shares were traded during trading, an increase of 7% from the previous session’s volume of 954,335 shares.The stock last traded at $11.51 and had previously closed at $10.20.

Hesai Group Stock Performance

The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -26.16 and a beta of 2.58. The company has a 50 day moving average price of $6.03 and a 200 day moving average price of $4.95. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08.

Hedge Funds Weigh In On Hesai Group

A number of institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. grew its position in Hesai Group by 47.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock valued at $138,000 after purchasing an additional 9,500 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Hesai Group by 44.1% in the second quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock valued at $208,000 after buying an additional 15,200 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of Hesai Group by 11.9% during the third 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. Susquehanna Fundamental Investments LLC increased its position in shares of Hesai Group by 107.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock worth $605,000 after acquiring an additional 74,888 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Hesai Group in the 3rd quarter worth about $924,000. 48.53% of the stock is owned by institutional investors and hedge funds.

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.