Hesai Group (NASDAQ:HSAI) Shares Up 9% – Time to Buy?

Shares of Hesai Group (NASDAQ:HSAI) traded up 9% during mid-day trading on Wednesday . The stock traded as high as $18.85 and last traded at $18.92. 991,453 shares changed hands during trading, a decline of 70% from the average session volume of 3,281,010 shares. The stock had previously closed at $17.36.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th. Morgan Stanley cut shares of Hesai Group from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $5.80 to $15.00 in a research report on Monday, January 13th.

Hesai Group Stock Up 8.4 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of -42.62, a PEG ratio of 1.44 and a beta of 1.26. The business has a fifty day moving average of $15.37 and a 200 day moving average of $8.85.

Hesai Group (NASDAQ:HSAI) last posted its quarterly earnings data on Monday, November 25th. The company reported ($0.05) earnings per share for the quarter. Hesai Group had a negative return on equity of 6.79% and a negative net margin of 20.31%. As a group, equities analysts predict that Hesai Group will post -0.14 earnings per share for the current year.

Institutional Trading of Hesai Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Lightspeed Management Company L.L.C. acquired a new position in shares of Hesai Group in the fourth quarter valued at approximately $110,560,000. Robert Bosch GmbH acquired a new position in shares of Hesai Group in the fourth quarter worth $105,768,000. Polunin Capital Partners Ltd increased its position in shares of Hesai Group by 17.9% during the fourth quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company’s stock worth $16,733,000 after acquiring an additional 183,417 shares during the period. Millennium Management LLC purchased a new position in Hesai Group in the fourth quarter valued at $14,736,000. Finally, Voloridge Investment Management LLC acquired a new position in Hesai Group during the 4th quarter worth $9,496,000. 48.53% of the stock is currently owned by hedge funds and other institutional investors.

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.