Short Interest in Hesai Group (NASDAQ:HSAI) Rises By 84.7%

Hesai Group (NASDAQ:HSAI) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 4,710,000 shares, an increase of 84.7% from the February 28th total of 2,550,000 shares. Based on an average daily volume of 4,210,000 shares, the short-interest ratio is presently 1.1 days. Currently, 6.5% of the company’s shares are short sold.

Institutional Trading of Hesai Group

A number of institutional investors have recently modified their holdings of the company. Lightspeed Management Company L.L.C. bought a new position in Hesai Group during the 4th quarter valued at approximately $110,560,000. Robert Bosch GmbH bought a new stake in shares of Hesai Group in the 4th quarter worth approximately $105,768,000. Millennium Management LLC purchased a new position in shares of Hesai Group during the fourth quarter valued at approximately $14,736,000. Voloridge Investment Management LLC bought a new position in shares of Hesai Group during the fourth quarter valued at approximately $9,496,000. Finally, D. E. Shaw & Co. Inc. purchased a new stake in Hesai Group in the fourth quarter worth $9,265,000. 48.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Hesai Group Trading Down 11.9 %

Hesai Group stock traded down $2.06 during trading hours on Friday, reaching $15.20. The stock had a trading volume of 6,367,383 shares, compared to its average volume of 1,880,637. The company has a fifty day simple moving average of $17.54 and a 200-day simple moving average of $11.17. Hesai Group has a 52 week low of $3.52 and a 52 week high of $24.18. The stock has a market cap of $1.93 billion, a PE ratio of -34.55, a PEG ratio of 1.44 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65.

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.