Hesai Group (NASDAQ:HSAI) Shares Gap Up – Here’s Why

Hesai Group (NASDAQ:HSAI) gapped up prior to trading on Wednesday . The stock had previously closed at $18.00, but opened at $18.80. Hesai Group shares last traded at $18.78, with a volume of 1,623,095 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on HSAI. The Goldman Sachs Group raised 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. Morgan Stanley cut Hesai Group from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $5.80 to $15.00 in a report on Monday, January 13th.

Hesai Group Stock 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 company has a 50-day moving average price of $14.13 and a two-hundred day moving average price of $7.93.

Hesai Group (NASDAQ:HSAI) last released its earnings results on Monday, November 25th. The company reported ($0.05) earnings per share for the quarter. Hesai Group had a negative net margin of 20.31% and a negative return on equity of 6.79%. On average, equities analysts expect that Hesai Group will post -0.17 earnings per share for the current year.

Hedge Funds Weigh In On Hesai Group

Large investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new position in shares of Hesai Group during the 4th quarter valued at approximately $138,000. Landscape Capital Management L.L.C. bought a new position in Hesai Group in the 4th quarter valued at $168,000. Fox Run Management L.L.C. bought a new position in Hesai Group in the 4th quarter valued at $177,000. 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 acquiring an additional 9,500 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Hesai Group in the 4th quarter valued at $414,000. 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.