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

Shares of Hesai Group (NASDAQ:HSAI) gapped up prior to trading on Tuesday . The stock had previously closed at $4.75, but opened at $5.47. Hesai Group shares last traded at $5.24, with a volume of 1,888,709 shares changing hands.

Hesai Group Stock Up 7.1 %

The company has a current ratio of 3.16, a quick ratio of 2.68 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average price is $4.71 and its 200 day moving average price is $4.51. The company has a market capitalization of $933.67 million, a P/E ratio of -16.70 and a beta of 1.36.

Hedge Funds Weigh In On Hesai Group

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

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.