Hesai Group (NASDAQ:HSAI) Sees Significant Decline in Short Interest

Hesai Group (NASDAQ:HSAI) was the recipient of a large decline in short interest during the month of April. As of April 15th, there was short interest totalling 6,870,000 shares, a decline of 27.5% from the March 31st total of 9,480,000 shares. Currently, 9.1% of the company’s stock are sold short. Based on an average daily trading volume, of 5,090,000 shares, the days-to-cover ratio is currently 1.3 days.

Hesai Group Price Performance

NASDAQ:HSAI opened at $18.29 on Friday. The firm’s fifty day moving average is $16.38 and its two-hundred day moving average is $12.92. The firm 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 1.35. Hesai Group has a one year low of $3.52 and a one year high of $24.18. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. The Goldman Sachs Group raised 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 report on Tuesday, January 14th. Daiwa America raised shares of Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th. Morgan Stanley lowered shares of Hesai Group from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $5.80 to $15.00 in a report on Monday, January 13th. Finally, Daiwa Capital Markets started coverage on Hesai Group in a research note on Tuesday, March 11th. They issued a “buy” rating and a $35.00 target price for the company.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Lightspeed Management Company L.L.C. acquired a new stake in shares of Hesai Group during the 4th quarter worth approximately $110,560,000. Robert Bosch GmbH purchased a new position in Hesai Group in the fourth quarter valued at $105,768,000. Polunin Capital Partners Ltd raised its position in shares of Hesai Group by 17.9% in the fourth 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. Millennium Management LLC purchased a new stake in shares of Hesai Group during the 4th quarter worth about $14,736,000. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Hesai Group during the 4th quarter valued at about $9,496,000. 48.53% of the stock is currently owned by hedge funds and other 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.