Hesai Group (NASDAQ:HSAI) Shares Gap Up - Here's Why

Hesai Group (NASDAQ:HSAI - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $18.00, but opened at $18.80. Hesai Group shares last traded at $18.78, with a volume of 1,623,095 shares traded.

Analysts Set New Price Targets

A number of brokerages have commented on HSAI. The Goldman Sachs Group upgraded Hesai Group from a "neutral" rating to a "buy" rating and increased their target price for the company from $5.50 to $18.40 in a report on Tuesday, January 14th. Morgan Stanley downgraded Hesai Group from an "overweight" rating to an "equal weight" rating and raised their price objective for the stock from $5.80 to $15.00 in a report on Monday, January 13th.

Hesai Group Trading Down 2.0 %

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's 50-day moving average is $14.45 and its two-hundred day moving average is $8.12. The firm has a market cap of $2.24 billion, a P/E ratio of -40.09, a P/E/G ratio of 1.94 and a beta of 1.26.

Hesai Group (NASDAQ:HSAI - Get Free Report) last issued its quarterly earnings results on Monday, November 25th. The company reported ($0.05) EPS for the quarter. Hesai Group had a negative net margin of 20.31% and a negative return on equity of 6.79%. As a group, analysts expect that Hesai Group will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Robert Bosch GmbH acquired a new position in Hesai Group during the fourth quarter valued at approximately $105,768,000. Polunin Capital Partners Ltd raised its holdings in shares of Hesai Group by 17.9% in the fourth quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company's stock valued at $16,733,000 after buying an additional 183,417 shares during the last quarter. Jump Financial LLC raised its position in shares of Hesai Group by 2,704.5% during the fourth quarter. Jump Financial LLC now owns 504,802 shares of the company's stock worth $6,976,000 after acquiring an additional 486,802 shares during the last quarter. Marshall Wace LLP bought a new position in Hesai Group in the fourth quarter valued at approximately $3,697,000. Finally, Main Management ETF Advisors LLC bought a new position in shares of Hesai Group during the third quarter worth $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.