Hesai Group (NASDAQ:HSAI) Shares Gap Up - Still a Buy?

Shares of Hesai Group (NASDAQ:HSAI - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $11.61, but opened at $12.15. Hesai Group shares last traded at $13.11, with a volume of 827,889 shares.

Wall Street Analysts Forecast Growth

HSAI has been the topic of several research analyst reports. The Goldman Sachs Group raised shares of Hesai Group from a "neutral" rating to a "buy" rating and increased their price target for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th. Daiwa Capital Markets assumed coverage on Hesai Group in a report on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price target for the company. Morgan Stanley lowered Hesai Group from an "overweight" rating to an "equal weight" rating and upped their price target for the company from $5.80 to $15.00 in a research report on Monday, January 13th. Finally, Daiwa America raised shares of Hesai Group to a "strong-buy" rating in a report on Tuesday, March 11th.

Hesai Group Price Performance

The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -34.77, a PEG ratio of 1.44 and a beta of 1.35. 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 business has a 50-day moving average price of $16.43 and a two-hundred day moving average price of $12.48.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HSAI. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Hesai Group by 2,611.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 413,041 shares of the company's stock valued at $6,113,000 after acquiring an additional 397,805 shares during the last quarter. Perpetual Ltd bought a new stake in Hesai Group during the first quarter worth approximately $374,000. Robeco Institutional Asset Management B.V. acquired a new position in Hesai Group in the first quarter worth approximately $2,782,000. SG Americas Securities LLC bought a new position in shares of Hesai Group in the first quarter valued at $338,000. Finally, Sovereign Financial Group Inc. acquired a new stake in shares of Hesai Group during the 1st quarter valued at $148,000. 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.