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

Shares of Hesai Group (NASDAQ:HSAI) saw an uptick in trading volume on Wednesday . Approximately 1,937,393 shares were traded during mid-day trading, an increase of 9% from the previous session’s volume of 1,777,230 shares.The stock last traded at $20.66 and had previously closed at $20.56.

Wall Street Analyst Weigh In

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

Hesai Group Stock Performance

The company’s 50-day moving average price is $16.95 and its two-hundred day moving average price is $10.41. The company has a market cap of $2.62 billion, a P/E ratio of -46.92, 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.

Institutional Trading of Hesai Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Polunin Capital Partners Ltd lifted its position in shares of Hesai Group by 17.9% during the 4th quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company’s stock valued at $16,733,000 after acquiring an additional 183,417 shares during the last quarter. Jane Street Group LLC raised its position 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 worth $230,000 after purchasing an additional 5,186 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Hesai Group by 49.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company’s stock valued at $608,000 after purchasing an additional 14,500 shares during the last quarter. Main Management ETF Advisors LLC acquired a new position in shares of Hesai Group in the 3rd quarter valued at $924,000. Finally, JPMorgan Chase & Co. purchased a new position in Hesai Group in the 4th quarter worth about $1,494,000. 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.