Hesai Group (NASDAQ:HSAI) Shares Up 9.3% – Should You Buy?

Hesai Group (NASDAQ:HSAI)’s stock price shot up 9.3% during mid-day trading on Wednesday . The stock traded as high as $7.50 and last traded at $7.50. 527,207 shares were traded during mid-day trading, a decline of 33% from the average session volume of 786,262 shares. The stock had previously closed at $6.86.

Hesai Group Stock 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 stock has a 50-day moving average price of $4.77 and a 200-day moving average price of $4.53. The company has a market capitalization of $933.67 million, a price-to-earnings ratio of -16.70 and a beta of 1.36.

Institutional Investors Weigh In On Hesai Group

Several hedge funds have recently added to or reduced their stakes in HSAI. Jane Street Group LLC raised its position in shares of Hesai Group by 11.9% in the third quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock valued at $230,000 after purchasing an additional 5,186 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Hesai Group by 47.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock valued at $138,000 after buying an additional 9,500 shares during the last quarter. Renaissance Technologies LLC grew its stake in Hesai Group by 44.1% in the 2nd quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock valued at $208,000 after buying an additional 15,200 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its holdings in Hesai Group by 107.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock valued at $605,000 after acquiring an additional 74,888 shares during the period. Finally, Main Management ETF Advisors LLC acquired a new stake in Hesai Group during the third quarter worth approximately $924,000. Institutional investors and hedge funds own 48.53% of the company’s stock.

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.