Hesai Group (NASDAQ:HSAI) Sees Large Growth in Short Interest

Hesai Group (NASDAQ:HSAI - Get Free Report) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 4,710,000 shares, an increase of 84.7% from the February 28th total of 2,550,000 shares. Based on an average daily volume of 4,210,000 shares, the short-interest ratio is presently 1.1 days. Approximately 6.5% of the shares of the company are sold short.

Hedge Funds Weigh In On Hesai Group

A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC bought a new stake in shares of Hesai Group during the fourth quarter valued at approximately $138,000. Hsbc Holdings PLC bought a new position in shares of Hesai Group during the 4th quarter valued at approximately $159,000. Landscape Capital Management L.L.C. purchased a new stake in shares of Hesai Group in the fourth quarter valued at $168,000. Fox Run Management L.L.C. bought a new stake in Hesai Group in the fourth quarter worth about $177,000. Finally, Jane Street Group LLC boosted its holdings in Hesai Group by 11.9% during the 3rd quarter. Jane Street Group LLC now owns 48,943 shares of the company's stock valued at $230,000 after acquiring an additional 5,186 shares during the period. 48.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on HSAI. Daiwa America upgraded shares of Hesai Group to a "strong-buy" rating in a research note on Tuesday, March 11th. Morgan Stanley downgraded Hesai Group from an "overweight" rating to an "equal weight" rating and increased their target price for the company from $5.80 to $15.00 in a report on Monday, January 13th. The Goldman Sachs Group upgraded Hesai Group from a "neutral" rating to a "buy" rating and boosted their price target for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th. Finally, Daiwa Capital Markets assumed coverage on shares of Hesai Group in a research note on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price objective on the stock.

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Hesai Group Stock Performance

NASDAQ HSAI traded down $0.01 on Wednesday, hitting $17.42. 3,494,002 shares of the company traded hands, compared to its average volume of 1,940,435. The business's 50 day moving average price is $17.55 and its 200-day moving average price is $11.40. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -39.59, a P/E/G 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. Hesai Group has a 52-week low of $3.52 and a 52-week high of $24.18.

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.