Hesai Group (NASDAQ:HSAI) Stock Price Up 4.4% – Here’s Why

Hesai Group (NASDAQ:HSAI)’s share price traded up 4.4% during mid-day trading on Monday . The stock traded as high as $18.47 and last traded at $18.47. 1,389,295 shares were traded during mid-day trading, a decline of 47% from the average session volume of 2,600,704 shares. The stock had previously closed at $17.68.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Daiwa Capital Markets assumed coverage on shares of Hesai Group in a research report on Tuesday, March 11th. They issued a “buy” rating and a $35.00 price objective for the company. Daiwa America upgraded shares of Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th.

Hesai Group Price Performance

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 firm has a market cap of $2.47 billion, a price-to-earnings ratio of -42.84, a price-to-earnings-growth ratio of 1.44 and a beta of 1.18. The stock’s 50 day simple moving average is $16.27 and its 200-day simple moving average is $13.92.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its stake in Hesai Group by 345.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company’s stock valued at $18,346,000 after purchasing an additional 961,493 shares in the last quarter. Electron Capital Partners LLC acquired a new position in Hesai Group during the 1st quarter valued at approximately $946,000. Advisors Asset Management Inc. acquired a new position in Hesai Group during the 1st quarter valued at approximately $226,000. Nomura Holdings Inc. acquired a new position in Hesai Group during the 1st quarter valued at approximately $2,972,000. Finally, Canada Pension Plan Investment Board acquired a new position in Hesai Group during the 1st quarter valued at approximately $6,232,000. 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.