Hesai Group (NASDAQ:HSAI) Stock Price Down 6% – What’s Next?

Hesai Group Sponsored ADR (NASDAQ:HSAI) was down 6% during trading on Monday . The stock traded as low as $26.60 and last traded at $26.2510. Approximately 801,134 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 2,346,594 shares. The stock had previously closed at $27.94.

Wall Street Analyst Weigh In

Several brokerages have issued reports on HSAI. CICC Research started coverage on shares of Hesai Group in a research report on Tuesday, November 25th. They set an “outperform” rating and a $23.50 price objective for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Hesai Group in a research note on Monday, December 29th. Finally, Sanford C. Bernstein upgraded shares of Hesai Group to a “strong-buy” rating in a report on Wednesday, November 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Hesai Group presently has a consensus rating of “Buy” and a consensus price target of $30.80.

Hesai Group Stock Down 3.0%

The company has a debt-to-equity ratio of 0.04, a current ratio of 5.75 and a quick ratio of 5.37. The stock has a 50 day moving average price of $22.99 and a 200-day moving average price of $23.72. The stock has a market capitalization of $3.51 billion, a P/E ratio of 59.76 and a beta of 1.14.

Hesai Group (NASDAQ:HSAI) last posted its earnings results on Wednesday, November 12th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.11 by $0.14. Hesai Group had a net margin of 15.70% and a return on equity of 8.04%. The firm had revenue of $111.72 million during the quarter, compared to analysts’ expectations of $116.11 million. As a group, research analysts expect that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

Several hedge funds and other institutional investors have recently modified their holdings of HSAI. Aberdeen Group plc purchased a new position in shares of Hesai Group during the 3rd quarter valued at $38,241,000. Goldman Sachs Group Inc. increased its position in shares of Hesai Group by 345.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company’s stock valued at $18,346,000 after purchasing an additional 961,493 shares during the last quarter. Norges Bank purchased a new stake in Hesai Group in the 2nd quarter worth about $20,619,000. Allianz Asset Management GmbH lifted its position in shares of Hesai Group by 78.2% during the second quarter. Allianz Asset Management GmbH now owns 2,010,276 shares of the company’s stock worth $44,126,000 after purchasing an additional 882,180 shares during the last quarter. Finally, C WorldWide Group Holding A S purchased a new stake in Hesai Group in the 3rd quarter valued at about $22,905,000. 48.53% of the stock is owned by institutional investors.

Hesai Group Company Profile

Hesai Group is a technology company specializing in the development and production of advanced LiDAR (Light Detection and Ranging) sensors and perception software platforms for autonomous vehicles, robotics, industrial automation and mapping applications. The company’s core business centers on delivering high-performance, high-reliability LiDAR solutions designed to enable precise three-dimensional sensing and real-time environment perception. Hesai’s product lineup spans mechanical rotating LiDAR units, solid-state and MEMS-based sensors, as well as integrated software stacks for object detection, tracking and data fusion.

Founded in 2014 by a team of laser sensing and robotics researchers, Hesai built its reputation on improving range, resolution and reliability of LiDAR systems while driving down cost and size.