Hesai Group (NASDAQ:HSAI) Trading Down 6.2% – Here’s Why

Hesai Group Sponsored ADR (NASDAQ:HSAI) fell 6.2% during trading on Wednesday . The stock traded as low as $19.23 and last traded at $18.9730. 412,587 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 3,920,474 shares. The stock had previously closed at $20.22.

Analysts Set New Price Targets

HSAI has been the topic of a number of research reports. The Goldman Sachs Group lifted their target price on shares of Hesai Group from $26.30 to $36.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Hesai Group in a report on Monday. Sanford C. Bernstein raised Hesai Group to a “strong-buy” rating in a research report on Wednesday, November 12th. CICC Research initiated coverage on Hesai Group in a report on Tuesday. They set an “outperform” rating and a $23.50 target price on the stock. Finally, UBS Group assumed coverage on Hesai Group in a research note on Tuesday, August 19th. They issued a “buy” rating and a $35.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $30.80.

Hesai Group Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.37 and a current ratio of 5.75. The stock has a market capitalization of $2.44 billion, a P/E ratio of 44.22 and a beta of 1.12. The business has a 50-day moving average price of $23.73 and a 200 day moving average price of $22.68.

Hesai Group (NASDAQ:HSAI) last announced its quarterly earnings data on Tuesday, November 11th. The company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.14. Hesai Group had a return on equity of 8.04% and a net margin of 15.70%.The business had revenue of $111.70 million during the quarter, compared to analysts’ expectations of $116.11 million. As a group, sell-side analysts forecast that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Hesai Group by 18.3% during the third quarter. Vanguard Group Inc. now owns 4,078,330 shares of the company’s stock valued at $114,601,000 after buying an additional 629,680 shares during the last quarter. Citigroup Inc. boosted its stake in Hesai Group by 1,258.8% during the 1st quarter. Citigroup Inc. now owns 2,774,536 shares of the company’s stock valued at $41,063,000 after purchasing an additional 2,570,347 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Hesai Group by 29.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 2,594,744 shares of the company’s stock worth $72,912,000 after purchasing an additional 584,468 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Hesai Group by 5.6% in the third quarter. Wellington Management Group LLP now owns 1,850,232 shares of the company’s stock worth $51,992,000 after purchasing an additional 98,884 shares during the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of Hesai Group by 108.4% during the third quarter. National Bank of Canada FI now owns 1,482,116 shares of the company’s stock valued at $41,647,000 after purchasing an additional 770,816 shares in the last quarter. 48.53% of the stock is 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.