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

Hesai Group (NASDAQ:HSAI) gapped up before the market opened on Monday . The stock had previously closed at $19.80, but opened at $20.77. Hesai Group shares last traded at $20.04, with a volume of 905,878 shares changing hands.

Analyst Ratings Changes

A number of brokerages have issued reports on HSAI. Daiwa Capital Markets began coverage on Hesai Group in a research note on Tuesday, March 11th. They set a “buy” rating and a $35.00 price target for the company. Daiwa America raised Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th. Morgan Stanley lowered Hesai Group from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $5.80 to $15.00 in a research note on Monday, January 13th. Finally, The Goldman Sachs Group raised Hesai Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th.

Hesai Group Trading Down 7.8 %

The firm has a market capitalization of $2.61 billion, a P/E ratio of -46.73, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08. The firm has a 50 day moving average price of $16.95 and a two-hundred day moving average price of $10.41.

Institutional Investors Weigh In On Hesai Group

Several large investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. bought a new stake in shares of Hesai Group during the 4th quarter worth $2,418,000. Voloridge Investment Management LLC bought a new stake in shares of Hesai Group during the 4th quarter worth $9,496,000. Squarepoint Ops LLC bought a new stake in shares of Hesai Group during the 4th quarter worth $327,000. Two Sigma Advisers LP bought a new stake in shares of Hesai Group during the 4th quarter worth $1,703,000. Finally, Two Sigma Investments LP bought a new stake in shares of Hesai Group during the 4th quarter worth $7,084,000. 48.53% of the stock is owned by institutional investors.

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.