Short Interest in Hesai Group (NASDAQ:HSAI) Declines By 27.5%

Hesai Group (NASDAQ:HSAI - Get Free Report) was the recipient of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 6,870,000 shares, a decrease of 27.5% from the March 31st total of 9,480,000 shares. Approximately 9.1% of the shares of the company are short sold. Based on an average trading volume of 5,090,000 shares, the short-interest ratio is currently 1.3 days.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Hesai Group

A number of large investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. grew its stake in shares of Hesai Group by 138.6% in the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock worth $32,000 after purchasing an additional 1,249 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in shares of Hesai Group in the 1st quarter worth approximately $42,000. Renaissance Technologies LLC bought a new stake in shares of Hesai Group in the 4th quarter worth approximately $138,000. Sovereign Financial Group Inc. purchased a new position in shares of Hesai Group during the first quarter valued at approximately $148,000. Finally, Hsbc Holdings PLC bought a new position in shares of Hesai Group during the fourth quarter valued at approximately $159,000. Institutional investors own 48.53% of the company's stock.

Hesai Group Trading Up 5.4 %

Shares of Hesai Group stock traded up $0.94 on Friday, hitting $18.29. The stock had a trading volume of 7,937,946 shares, compared to its average volume of 2,435,058. The stock's 50-day simple moving average is $16.38 and its two-hundred day simple moving average is $12.98. Hesai Group has a one year low of $3.52 and a one year high of $24.18. The company has a quick ratio of 2.65, a current ratio of 3.08 and a debt-to-equity ratio of 0.08. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -41.57, a PEG ratio of 1.44 and a beta of 1.17.

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.