Hesai Group (NASDAQ:HSAI) Sets New 1-Year High – Here’s Why

Shares of Hesai Group (NASDAQ:HSAI) hit a new 52-week high during trading on Tuesday . The company traded as high as $16.43 and last traded at $15.93, with a volume of 760689 shares trading hands. The stock had previously closed at $15.59.

Analyst Ratings Changes

HSAI has been the topic of several recent research reports. The Goldman Sachs Group upgraded shares of Hesai Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th. Morgan Stanley downgraded Hesai Group from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $5.80 to $15.00 in a research note on Monday, January 13th.

Hesai Group Stock Performance

The business’s 50-day moving average is $10.72 and its 200-day moving average is $6.61. The company has a market capitalization of $2.02 billion, a PE ratio of -36.17, a PEG ratio of 1.79 and a beta of 1.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08.

Institutional Trading of Hesai Group

Several hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC grew its holdings in Hesai Group by 44.1% during the 2nd quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock valued at $208,000 after buying an additional 15,200 shares in the last quarter. Jane Street Group LLC increased its position 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 buying an additional 5,186 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Hesai Group by 47.5% in the 3rd 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 in the last quarter. Susquehanna Fundamental Investments LLC raised its stake in Hesai Group by 107.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock worth $605,000 after acquiring an additional 74,888 shares during the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in Hesai Group in the third quarter valued at approximately $924,000. Institutional investors own 48.53% of the company’s stock.

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.