Short Interest in Hesai Group (NASDAQ:HSAI) Grows By 84.7%

Hesai Group (NASDAQ:HSAI) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 4,710,000 shares, an increase of 84.7% from the February 28th total of 2,550,000 shares. Approximately 6.5% of the shares of the stock are sold short. Based on an average trading volume of 4,210,000 shares, the days-to-cover ratio is presently 1.1 days.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on HSAI shares. Morgan Stanley cut shares of Hesai Group from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $5.80 to $15.00 in a research report on Monday, January 13th. Daiwa America upgraded shares of Hesai Group to a “strong-buy” rating in a research report on Tuesday, March 11th. Daiwa Capital Markets began coverage on Hesai Group in a report on Tuesday, March 11th. They issued a “buy” rating and a $35.00 target price on the stock. Finally, The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th.

Hedge Funds Weigh In On Hesai Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Polunin Capital Partners Ltd increased its stake 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 valued at $16,733,000 after buying an additional 183,417 shares during the period. Jane Street Group LLC lifted 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 period. Fox Run Management L.L.C. acquired a new stake in shares of Hesai Group during the fourth quarter worth $177,000. China Universal Asset Management Co. Ltd. boosted its position in Hesai Group by 49.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company’s stock valued at $608,000 after acquiring an additional 14,500 shares during the last quarter. Finally, Main Management ETF Advisors LLC acquired a new position in shares of Hesai Group in the 3rd quarter valued at about $924,000. Institutional investors and hedge funds own 48.53% of the company’s stock.

Hesai Group Stock Down 11.9 %

Shares of NASDAQ:HSAI opened at $15.20 on Monday. Hesai Group has a 52-week low of $3.52 and a 52-week high of $24.18. The company has a market capitalization of $1.93 billion, a PE ratio of -34.55, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07. 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 company has a fifty day moving average of $17.54 and a 200-day moving average of $11.23.

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.