Hesai Group (NASDAQ:HSAI) Sees Unusually-High Trading Volume - Still a Buy?

Shares of Hesai Group (NASDAQ:HSAI - Get Free Report) saw strong trading volume on Tuesday . 1,023,359 shares traded hands during mid-day trading, an increase of 7% from the previous session's volume of 954,335 shares.The stock last traded at $11.51 and had previously closed at $10.20.

Hesai Group Price Performance

The stock has a market capitalization of $1.77 billion, a PE ratio of -31.70 and a beta of 2.58. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. The firm's 50-day moving average price is $6.03 and its 200-day moving average price is $4.95.

Hedge Funds Weigh In On Hesai Group

A number of hedge funds have recently added to or reduced their stakes in HSAI. Renaissance Technologies LLC boosted its position in 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 purchasing an additional 15,200 shares in the last quarter. Susquehanna Fundamental Investments LLC grew its position in Hesai Group by 107.7% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company's stock worth $605,000 after purchasing an additional 74,888 shares during the period. China Universal Asset Management Co. Ltd. raised its position in 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 valued at $138,000 after acquiring an additional 9,500 shares in the last quarter. Main Management ETF Advisors LLC acquired a new stake in Hesai Group during the third quarter valued at $924,000. Finally, Jane Street Group LLC increased its position 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 valued at $230,000 after buying an additional 5,186 shares in the last quarter. 48.53% of the stock is currently 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.