Hesai Group (NASDAQ:HSAI) Trading Down 8.9% - Should You Sell?

Hesai Group (NASDAQ:HSAI - Get Free Report) shares were down 8.9% on Monday . The company traded as low as $13.69 and last traded at $13.92. Approximately 2,857,263 shares traded hands during mid-day trading, an increase of 43% from the average daily volume of 1,993,545 shares. The stock had previously closed at $15.27.

Analyst Upgrades and Downgrades

Several research firms recently commented on HSAI. Morgan Stanley lowered shares of Hesai Group from an "overweight" rating to an "equal weight" rating and increased their target price for the company from $5.80 to $15.00 in a report on Monday, January 13th. Daiwa Capital Markets assumed coverage on Hesai Group in a research note on Tuesday, March 11th. They set a "buy" rating and a $35.00 price objective on the stock. Daiwa America raised Hesai Group to a "strong-buy" rating in a research note on Tuesday, March 11th. Finally, The Goldman Sachs Group upgraded Hesai Group from a "neutral" rating to a "buy" rating and raised their price target for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th.

Hesai Group Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08. The stock has a market cap of $1.55 billion, a P/E ratio of -27.75, a price-to-earnings-growth ratio of 1.44 and a beta of 1.35. The firm has a 50-day moving average price of $17.33 and a 200-day moving average price of $12.00.

Hedge Funds Weigh In On Hesai Group

Institutional investors and hedge funds have recently made changes to their positions in the business. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of Hesai Group in the 1st quarter worth approximately $42,000. Jane Street Group LLC increased its holdings in shares of Hesai Group by 11.9% during the third 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 in the last quarter. Renaissance Technologies LLC bought a new position in shares of Hesai Group during the fourth quarter valued at $138,000. Sovereign Financial Group Inc. purchased a new position in shares of Hesai Group in the 1st quarter worth about $148,000. Finally, Hsbc Holdings PLC bought a new position in Hesai Group in the 4th quarter worth about $159,000. 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.