Hesai Group (NASDAQ:HSAI) Trading Up 9.3% – Here’s What Happened

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

Hesai Group Stock Performance

The company has a 50-day moving average of $4.64 and a 200 day moving average of $4.49. The firm has a market capitalization of $964.16 million, a PE ratio of -17.05 and a beta of 1.36. The company has a quick ratio of 2.68, a current ratio of 3.16 and a debt-to-equity ratio of 0.09.

Institutional Trading of Hesai Group

A number of hedge funds have recently made changes to their positions in the stock. Main Management ETF Advisors LLC purchased a new position in shares of Hesai Group in the third quarter worth $924,000. Susquehanna Fundamental Investments LLC lifted its position in 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 acquiring an additional 74,888 shares during the period. Renaissance Technologies LLC boosted its stake 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 acquiring an additional 15,200 shares in the last quarter. China Universal Asset Management Co. Ltd. increased 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 buying an additional 9,500 shares in the last quarter. Finally, Jane Street Group LLC raised its position in shares of Hesai Group by 11.9% in 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. 48.53% of the stock is owned by institutional investors.

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.