Geode Capital Management LLC Purchases 37,464 Shares of Hesai Group (NASDAQ:HSAI)

Geode Capital Management LLC grew its holdings in shares of Hesai Group (NASDAQ:HSAI - Free Report) by 366.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,700 shares of the company's stock after purchasing an additional 37,464 shares during the quarter. Geode Capital Management LLC's holdings in Hesai Group were worth $659,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Jane Street Group LLC lifted its stake in 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 last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Hesai Group by 49.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company's stock valued at $608,000 after buying an additional 14,500 shares during the last quarter. Polunin Capital Partners Ltd grew its stake in shares of Hesai Group by 17.9% during the 4th quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company's stock worth $16,733,000 after acquiring an additional 183,417 shares during the period. Fox Run Management L.L.C. purchased a new stake in Hesai Group in the 4th quarter worth about $177,000. Finally, JPMorgan Chase & Co. bought a new stake in Hesai Group in the 4th quarter valued at about $1,494,000. 48.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

HSAI has been the topic of a number of analyst reports. Morgan Stanley cut shares of Hesai Group from an "overweight" rating to an "equal weight" rating and boosted their target price for the company from $5.80 to $15.00 in a report on Monday, January 13th. Daiwa America upgraded Hesai Group to a "strong-buy" rating in a research note on Tuesday, March 11th. The Goldman Sachs Group upgraded Hesai Group from a "neutral" rating to a "buy" rating and raised their target price for the stock from $5.50 to $18.40 in a research note on Tuesday, January 14th. Finally, Daiwa Capital Markets began coverage on Hesai Group in a report on Tuesday, March 11th. They set a "buy" rating and a $35.00 target price for the company.

Hesai Group Price Performance

Shares of HSAI traded up $0.94 during mid-day trading on Friday, reaching $18.29. 7,937,946 shares of the stock traded hands, compared to its average volume of 2,435,058. The company has a market cap of $2.40 billion, a price-to-earnings ratio of -41.57, a price-to-earnings-growth ratio of 1.44 and a beta of 1.17. Hesai Group has a 1 year low of $3.52 and a 1 year high of $24.18. The firm has a fifty day moving average price of $16.38 and a 200 day moving average price of $12.98. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08.

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.