5 Struggling IPOs To Buy For The Long-Term

T3. Hesai Group (NASDAQ:HSAI)

Number of Hedge Fund Shareholders: 13

IPO Price: $19.00

Current Price (as of June 9): $9.07

Chinese sensor maker Hesai Group (NASDAQ:HSAI) is beginning to reap the rewards of greater autonomous car production in China, as the company delivered record results for the quarter ended March 31. Revenue surged by 73% to $61 million as the company shipped over 28,000 ADAS lidar sensors during the quarter, compared to just 222 a year earlier.

That appears to be just the tip of the iceberg for Hesai Group (NASDAQ:HSAI), which projects to grow its lidar sensor shipments by another 40% quarter-over-quarter in Q2. It’s projected that more than 1 million semi-autonomous smart cars will be delivered in China over each of the next three years, so there’s an incredible near-term (and certainly longer-term) runway ahead of Hesai.

Chris Rokos’ Rokos Capital Management and Israel Englander’s Millennium Management each added more than 170,000 shares of Hesai Group (NASDAQ:HSAI) to their 13F portfolios in Q1.