Hesai Group (NASDAQ:HSAI) Sets New 12-Month High – Here’s Why

Shares of Hesai Group (NASDAQ:HSAI) hit a new 52-week high on Wednesday . The company traded as high as $24.18 and last traded at $24.08, with a volume of 26735936 shares changing hands. The stock had previously closed at $16.01.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group upgraded shares of Hesai Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock 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 increased their price target for the company from $5.80 to $15.00 in a report on Monday, January 13th. Finally, Daiwa Capital Markets initiated coverage on Hesai Group in a research report on Tuesday. They issued a “buy” rating and a $35.00 price objective on the stock.

Hesai Group Price Performance

The company has a market cap of $3.06 billion, a price-to-earnings ratio of -54.73, a P/E/G ratio of 1.44 and a beta of 1.07. The company’s 50-day simple moving average is $16.33 and its 200-day simple moving average is $9.81. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65.

Institutional Investors Weigh In On Hesai Group

A number of large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new position in Hesai Group in the 4th quarter worth $138,000. Hsbc Holdings PLC purchased a new stake in shares of Hesai Group during the fourth quarter worth about $159,000. Landscape Capital Management L.L.C. acquired a new position in shares of Hesai Group in the fourth quarter worth about $168,000. Fox Run Management L.L.C. purchased a new position in Hesai Group in the fourth quarter valued at about $177,000. Finally, Jane Street Group LLC grew its stake 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 purchasing an additional 5,186 shares in the last quarter. 48.53% of the stock is owned by institutional investors and hedge funds.

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.