Hesai Group (NASDAQ:HSAI) Shares Gap Up – Should You Buy?

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $25.75, but opened at $27.00. Hesai Group shares last traded at $26.64, with a volume of 1,088,676 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Hesai Group in a research note on Monday, December 29th. CICC Research initiated coverage on Hesai Group in a research report on Tuesday, November 25th. They issued an “outperform” rating and a $23.50 price objective on the stock. Finally, Sanford C. Bernstein raised Hesai Group to a “strong-buy” rating in a research note on Wednesday, November 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $30.80.

Hesai Group Trading Up 2.2%

The stock’s 50 day simple moving average is $24.92 and its 200 day simple moving average is $24.16. The firm has a market cap of $3.94 billion, a PE ratio of 66.95 and a beta of 1.14. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.37 and a current ratio of 5.75.

Hedge Funds Weigh In On Hesai Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Vident Advisory LLC raised its holdings in shares of Hesai Group by 37.2% during the 4th quarter. Vident Advisory LLC now owns 16,228 shares of the company’s stock valued at $364,000 after buying an additional 4,402 shares in the last quarter. Wellington Management Group LLP grew its position in Hesai Group by 2.1% during the fourth quarter. Wellington Management Group LLP now owns 1,888,544 shares of the company’s stock valued at $42,303,000 after acquiring an additional 38,312 shares during the last quarter. SRS Investment Management LLC purchased a new position in shares of Hesai Group during the fourth quarter worth approximately $12,516,000. Praetorian PR LLC purchased a new position in shares of Hesai Group during the fourth quarter worth approximately $257,000. Finally, OLD Mission Capital LLC bought a new stake in shares of Hesai Group in the 4th quarter worth approximately $2,219,000. 48.53% of the stock is currently owned by hedge funds and other institutional investors.

Hesai Group Company Profile

Hesai Group is a technology company specializing in the development and production of advanced LiDAR (Light Detection and Ranging) sensors and perception software platforms for autonomous vehicles, robotics, industrial automation and mapping applications. The company’s core business centers on delivering high-performance, high-reliability LiDAR solutions designed to enable precise three-dimensional sensing and real-time environment perception. Hesai’s product lineup spans mechanical rotating LiDAR units, solid-state and MEMS-based sensors, as well as integrated software stacks for object detection, tracking and data fusion.

Founded in 2014 by a team of laser sensing and robotics researchers, Hesai built its reputation on improving range, resolution and reliability of LiDAR systems while driving down cost and size.