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

Shares of Hesai Group (NASDAQ:HSAI) rose 4.4% during mid-day trading on Monday . The stock traded as high as $18.47 and last traded at $18.47. Approximately 1,389,295 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 2,600,704 shares. The stock had previously closed at $17.68.

Wall Street Analysts Forecast Growth

HSAI has been the topic of several research reports. Daiwa Capital Markets initiated coverage on shares of Hesai Group in a report on Tuesday, March 11th. They issued a “buy” rating and a $35.00 target price on the stock. Daiwa America upgraded shares of Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th.

Hesai Group Stock Up 6.6%

The company’s 50 day moving average price is $16.27 and its two-hundred day moving average price is $13.92. The firm has a market cap of $2.47 billion, a PE ratio of -42.84, a PEG ratio of 1.44 and a beta of 1.18. 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 Trading of Hesai Group

Institutional investors and hedge funds have recently modified their holdings of the company. SBI Securities Co. Ltd. increased its holdings in Hesai Group by 138.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company’s stock valued at $32,000 after acquiring an additional 1,249 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new position in shares of Hesai Group during the 1st quarter worth about $42,000. Renaissance Technologies LLC purchased a new position in shares of Hesai Group during the 4th quarter worth about $138,000. Sovereign Financial Group Inc. purchased a new position in shares of Hesai Group during the 1st quarter worth about $148,000. Finally, Russell Investments Group Ltd. purchased a new stake in Hesai Group in the 1st quarter valued at about $150,000. 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.