Hesai Group (NASDAQ:HSAI) Shares Down 4.6% – Here’s What Happened

Hesai Group (NASDAQ:HSAI) traded down 4.6% during trading on Monday . The stock traded as low as $10.70 and last traded at $10.71. 404,443 shares were traded during mid-day trading, a decline of 57% from the average session volume of 948,589 shares. The stock had previously closed at $11.23.

Hesai Group Stock Performance

The company has a market cap of $1.30 billion, a PE ratio of -23.55 and a beta of 2.58. The firm’s fifty day moving average is $5.93 and its 200 day moving average is $4.91. 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 Investors Weigh In On Hesai Group

A number of large investors have recently modified their holdings of the business. Main Management ETF Advisors LLC purchased a new stake in shares of Hesai Group during the third quarter worth $924,000. Susquehanna Fundamental Investments LLC grew its holdings 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 buying an additional 74,888 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Hesai Group by 44.1% during the second quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock worth $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 worth $230,000 after buying an additional 5,186 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Hesai Group by 47.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock worth $138,000 after buying an additional 9,500 shares in the last quarter. Hedge funds and other 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.