Point72 Asset Management L.P. Makes New Investment in Hesai Group (NASDAQ:HSAI)

Point72 Asset Management L.P. purchased a new stake in Hesai Group (NASDAQ:HSAI) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 213,523 shares of the company’s stock, valued at approximately $2,951,000.

A number of other institutional investors also recently modified their holdings of HSAI. Renaissance Technologies LLC acquired a new stake in Hesai Group in the fourth quarter valued at about $138,000. Hsbc Holdings PLC bought a new position in shares of Hesai Group in the fourth quarter worth about $159,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Hesai Group in the 4th quarter valued at approximately $168,000. Fox Run Management L.L.C. bought a new stake in shares of Hesai Group during the 4th quarter valued at approximately $177,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Hesai Group by 49.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company’s stock valued at $608,000 after purchasing an additional 14,500 shares during the last quarter. Institutional investors and hedge funds own 48.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on HSAI. Daiwa America upgraded shares of Hesai Group to a “strong-buy” rating in a research report on Tuesday, March 11th. Daiwa Capital Markets initiated coverage on Hesai Group in a research note on Tuesday, March 11th. They issued a “buy” rating and a $35.00 price target for the company.

Hesai Group Stock Up 0.6%

Shares of NASDAQ HSAI opened at $19.57 on Wednesday. The company has a 50 day simple moving average of $16.19 and a 200 day simple moving average of $14.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65. Hesai Group has a 1 year low of $3.52 and a 1 year high of $24.18. The firm has a market cap of $2.57 billion, a PE ratio of -44.48, a price-to-earnings-growth ratio of 1.44 and a beta of 1.18.

Hesai Group 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.