Hesai Group (NASDAQ:HSAI) Sees Large Volume Increase – Here’s What Happened

Hesai Group (NASDAQ:HSAI) shares saw unusually-high trading volume on Wednesday . Approximately 1,937,393 shares were traded during mid-day trading, an increase of 9% from the previous session’s volume of 1,777,230 shares.The stock last traded at $20.66 and had previously closed at $20.56.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on HSAI. Daiwa America upgraded shares of Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th. The Goldman Sachs Group raised shares of Hesai Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th. Morgan Stanley cut shares of Hesai Group from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $5.80 to $15.00 in a research note on Monday, January 13th. Finally, Daiwa Capital Markets started coverage on Hesai Group in a research note on Tuesday, March 11th. They set a “buy” rating and a $35.00 price target on the stock.

Hesai Group Stock Up 0.3 %

The stock’s 50 day simple moving average is $16.95 and its 200 day simple moving average is $10.41. The stock has a market capitalization of $2.62 billion, a P/E ratio of -46.92, a P/E/G ratio of 1.44 and a beta of 1.07. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On Hesai Group

A number of institutional investors have recently made changes to their positions in HSAI. Lightspeed Management Company L.L.C. acquired a new stake in Hesai Group in the fourth quarter worth $110,560,000. Robert Bosch GmbH bought a new position in Hesai Group in the 4th quarter worth about $105,768,000. Millennium Management LLC acquired a new stake in shares of Hesai Group in the fourth quarter valued at approximately $14,736,000. Voloridge Investment Management LLC bought a new stake in shares of Hesai Group during the fourth quarter valued at approximately $9,496,000. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of Hesai Group during the fourth quarter worth approximately $9,265,000. 48.53% of the stock is currently owned by institutional investors.

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.