Hesai Group (NASDAQ:HSAI) Shares Down 5% – Here’s What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI) shares fell 5% during trading on Tuesday . The company traded as low as $20.77 and last traded at $20.85. 525,016 shares were traded during mid-day trading, a decline of 82% from the average session volume of 2,980,197 shares. The stock had previously closed at $21.95.

Analyst Ratings Changes

A number of brokerages have weighed in on HSAI. Jefferies Financial Group started coverage on shares of Hesai Group in a research note on Monday, June 9th. They issued a “buy” rating and a $29.30 price target on the stock. Daiwa Capital Markets assumed coverage on Hesai Group in a research note on Tuesday, March 11th. They issued a “buy” rating and a $35.00 price target on the stock. Finally, Daiwa America raised Hesai Group to a “strong-buy” rating in a research report on Tuesday, March 11th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $24.43.

Hesai Group Price Performance

The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -696.83 and a beta of 1.06. The company’s fifty day moving average is $18.80 and its 200 day moving average is $16.82. The company has a quick ratio of 3.62, a current ratio of 4.06 and a debt-to-equity ratio of 0.09.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings results on Monday, May 26th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.11. The firm had revenue of $72.39 million for the quarter, compared to analysts’ expectations of $532.16 million. Hesai Group had a negative net margin of 0.72% and a positive return on equity of 1.00%. On average, equities research analysts predict that Hesai Group Sponsored ADR will post -0.14 EPS for the current year.

Institutional Trading of Hesai Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. SBI Securities Co. Ltd. grew its stake in Hesai Group by 138.6% in the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company’s stock valued at $32,000 after purchasing an additional 1,249 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in shares of Hesai Group during the 1st quarter worth approximately $42,000. Russell Investments Group Ltd. acquired a new stake in shares of Hesai Group in the 1st quarter valued at approximately $150,000. Renaissance Technologies LLC acquired a new stake in shares of Hesai Group in the 4th quarter valued at approximately $138,000. Finally, Sovereign Financial Group Inc. bought a new position in shares of Hesai Group in the first quarter valued at $148,000. Institutional investors own 48.53% of the company’s stock.

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.