Hesai Group (NASDAQ:HSAI) Shares Up 9.3% – Here’s Why

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

Hesai Group Stock Performance

The company’s 50-day moving average is $4.64 and its two-hundred day moving average is $4.49. The company has a quick ratio of 2.68, a current ratio of 3.16 and a debt-to-equity ratio of 0.09. The company has a market cap of $964.16 million, a P/E ratio of -17.05 and a beta of 1.36.

Hedge Funds Weigh In On Hesai Group

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

Hesai Group Company 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.