Hesai Group (NASDAQ:HSAI) Rating Increased to Buy at The Goldman Sachs Group

Hesai Group (NASDAQ:HSAI) was upgraded by investment analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $18.40 price target on the stock, up from their previous price target of $5.50. The Goldman Sachs Group’s price objective indicates a potential upside of 34.90% from the stock’s current price.

Separately, Morgan Stanley lowered Hesai Group from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $5.80 to $15.00 in a research note on Monday.

Hesai Group Stock Performance

NASDAQ HSAI opened at $13.64 on Tuesday. Hesai Group has a 52-week low of $3.28 and a 52-week high of $16.35. The company has a fifty day moving average of $9.64 and a 200-day moving average of $6.22. The company has a market capitalization of $1.73 billion, a P/E ratio of -31.00 and a beta of 1.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08.

Institutional Investors Weigh In On Hesai Group

A number of institutional investors have recently made changes to their positions in HSAI. China Universal Asset Management Co. Ltd. raised 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 worth $138,000 after purchasing an additional 9,500 shares during the period. Renaissance Technologies LLC grew its stake 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 valued at $208,000 after buying an additional 15,200 shares during the last quarter. Jane Street Group LLC increased its holdings in shares of Hesai Group by 11.9% in 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 during the period. Susquehanna Fundamental Investments LLC lifted its stake in shares of Hesai Group by 107.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock valued at $605,000 after acquiring an additional 74,888 shares during the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in Hesai Group during the 3rd quarter valued at about $924,000. Hedge funds and other institutional investors own 48.53% of the company’s stock.

Hesai Group Company Profile

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.