Hesai Group (NASDAQ:HSAI) Shares Gap Up - Should You Buy?

Hesai Group (NASDAQ:HSAI - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $14.80, but opened at $15.60. Hesai Group shares last traded at $15.89, with a volume of 1,678,875 shares changing hands.

Wall Street Analyst Weigh In

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

Hesai Group Trading Down 9.3 %

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 company has a market capitalization of $1.94 billion, a P/E ratio of -34.70, a PEG ratio of 1.44 and a beta of 1.35. The company's fifty day simple moving average is $17.62 and its 200-day simple moving average is $11.55.

Hedge Funds Weigh In On Hesai Group

Institutional investors have recently bought and sold shares of the business. GF Fund Management CO. LTD. bought a new stake in Hesai Group during the 4th quarter valued at $2,418,000. Voloridge Investment Management LLC bought a new stake in shares of Hesai Group in the 4th quarter valued at about $9,496,000. Squarepoint Ops LLC purchased a new position in shares of Hesai Group in the 4th quarter worth approximately $327,000. Two Sigma Advisers LP acquired a new stake in Hesai Group in the fourth quarter valued at approximately $1,703,000. Finally, Two Sigma Investments LP purchased a new position in Hesai Group in the fourth quarter worth $7,084,000. 48.53% of the stock is owned by hedge funds and other institutional investors.

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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.