Hesai Group (NASDAQ:HSAI) Shares Gap Up – Time to Buy?

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) 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 changing hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on HSAI. Weiss Ratings reiterated a “hold (c)” rating on shares of Hesai Group in a report on Monday, December 29th. Sanford C. Bernstein upgraded Hesai Group to a “strong-buy” rating in a research report on Wednesday, November 12th. Finally, CICC Research assumed coverage on shares of Hesai Group in a report on Tuesday, November 25th. They issued an “outperform” rating and a $23.50 price objective on the stock. Two equities research 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. Based on data from MarketBeat, Hesai Group presently has a consensus rating of “Buy” and an average target price of $30.80.

Hesai Group Stock Performance

The company has a current ratio of 5.75, a quick ratio of 5.37 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 64.30 and a beta of 1.14. The stock’s fifty day simple moving average is $24.64 and its 200-day simple moving average is $24.08.

Institutional Investors Weigh In On Hesai Group

Large investors have recently modified their holdings of the company. Bessemer Group Inc. acquired a new position in shares of Hesai Group during the 2nd quarter worth about $33,000. SBI Securities Co. Ltd. grew its stake in Hesai Group by 37.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 2,738 shares of the company’s stock worth $61,000 after buying an additional 746 shares during the last quarter. Legal & General Group Plc purchased a new position in Hesai Group during the 3rd quarter worth approximately $71,000. Eurizon Capital SGR S.p.A. acquired a new position in Hesai Group during the fourth quarter worth approximately $88,000. Finally, Leonteq Securities AG acquired a new stake in shares of Hesai Group in the fourth quarter valued at approximately $106,000. 48.53% of the stock is 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.