Hesai Group (NASDAQ:HSAI) Shares Up 7.4% - Here's What Happened

Shares of Hesai Group (NASDAQ:HSAI - Get Free Report) were up 7.4% during trading on Tuesday . The company traded as high as $18.74 and last traded at $18.35. Approximately 1,957,623 shares were traded during trading, a decline of 31% from the average daily volume of 2,838,046 shares. The stock had previously closed at $17.09.

Analyst Ratings Changes

Several brokerages have issued reports on HSAI. Morgan Stanley downgraded shares of 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 report on Monday, January 13th. The Goldman Sachs Group raised shares of Hesai Group from a "neutral" rating to a "buy" rating and upped their price target for the company from $5.50 to $18.40 in a report on Tuesday, January 14th.

Hesai Group Stock Down 2.0 %

The company has a market cap of $2.24 billion, a PE ratio of -40.09, a P/E/G ratio of 1.94 and a beta of 1.26. The company has a quick ratio of 2.65, a current ratio of 3.08 and a debt-to-equity ratio of 0.08. The firm's fifty day simple moving average is $14.30 and its 200-day simple moving average is $8.00.

Hesai Group (NASDAQ:HSAI - Get Free Report) last posted its quarterly earnings data on Monday, November 25th. The company reported ($0.05) earnings per share 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, equities research 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 have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. increased 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 worth $138,000 after purchasing an additional 9,500 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Hesai Group in the fourth quarter worth $138,000. Hsbc Holdings PLC acquired a new stake in shares of Hesai Group in the fourth quarter worth $159,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Hesai Group in the fourth quarter worth $168,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Hesai Group in the fourth quarter worth $177,000. Institutional investors and hedge funds 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.