Hesai Group (NASDAQ:HSAI) Shares Gap Up – Still a Buy?

Hesai Group (NASDAQ:HSAI)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $4.75, but opened at $5.47. Hesai Group shares last traded at $5.24, with a volume of 1,888,709 shares changing hands.

Hesai Group Price Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 3.16 and a quick ratio of 2.68. The company has a market cap of $933.67 million, a PE ratio of -16.70 and a beta of 1.36. The stock has a fifty day moving average price of $4.71 and a 200-day moving average price of $4.51.

Institutional Trading of Hesai Group

A number of hedge funds have recently made changes to their positions in the stock. Main Management ETF Advisors LLC bought a new stake in shares of Hesai Group in the 3rd quarter valued at approximately $924,000. Susquehanna Fundamental Investments LLC lifted its position in shares of Hesai Group by 107.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock worth $605,000 after buying an additional 74,888 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Hesai Group by 44.1% during the 2nd quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock worth $208,000 after acquiring an additional 15,200 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of 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 acquiring an additional 5,186 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Hesai Group by 47.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock valued at $138,000 after purchasing an additional 9,500 shares during the last quarter. 48.53% of the stock is owned by hedge funds and other institutional investors.

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.