Hesai Group (NASDAQ:HSAI) Trading Down 5.1% – Here’s What Happened

Hesai Group (NASDAQ:HSAI)’s stock price was down 5.1% during trading on Tuesday . The stock traded as low as $19.22 and last traded at $19.23. Approximately 1,020,579 shares traded hands during trading, a decline of 78% from the average daily volume of 4,702,262 shares. The stock had previously closed at $20.27.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HSAI. Daiwa Capital Markets started coverage on Hesai Group in a research report on Tuesday, March 11th. They issued a “buy” rating and a $35.00 target price on the stock. Daiwa America raised Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th. Finally, Jefferies Financial Group began coverage on Hesai Group in a report on Monday. They issued a “buy” rating and a $29.30 price objective on the stock. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $24.43.

Hesai Group Stock Performance

The company has a market cap of $2.50 billion, a PE ratio of -43.32, a PEG ratio of 1.44 and a beta of 1.06. 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 firm’s 50 day moving average is $16.72 and its 200-day moving average is $15.69.

Hesai Group (NASDAQ:HSAI) last issued its earnings results on Monday, May 26th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. The business had revenue of $72.39 million for the quarter, compared to analysts’ expectations of $532.16 million. Hesai Group had a negative return on equity of 6.79% and a negative net margin of 20.31%. On average, research analysts anticipate that Hesai Group will post -0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HSAI. SBI Securities Co. Ltd. increased its stake in shares of Hesai Group by 138.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company’s stock worth $32,000 after acquiring an additional 1,249 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of Hesai Group in the first quarter valued at about $42,000. Renaissance Technologies LLC acquired a new stake in Hesai Group during the fourth quarter worth about $138,000. Sovereign Financial Group Inc. purchased a new position in Hesai Group during the first quarter worth about $148,000. Finally, Russell Investments Group Ltd. purchased a new position in Hesai Group during the first quarter worth about $150,000. Institutional investors and hedge funds 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.