Hesai Group (NASDAQ:HSAI) Shares Down 4.4% – Here’s What Happened

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) dropped 4.4% during mid-day trading on Monday . The company traded as low as $22.61 and last traded at $22.5250. Approximately 773,387 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 3,769,883 shares. The stock had previously closed at $23.56.

Analyst Ratings Changes

Several analysts recently issued reports on HSAI shares. Weiss Ratings reissued a “hold (c)” rating on shares of Hesai Group in a research note on Monday, December 15th. The Goldman Sachs Group lifted their price objective on Hesai Group from $26.30 to $36.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Sanford C. Bernstein raised Hesai Group to a “strong-buy” rating in a research note on Wednesday, November 12th. Finally, CICC Research assumed coverage on Hesai Group in a research note on Tuesday, November 25th. They issued an “outperform” rating and a $23.50 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Hesai Group currently has an average rating of “Buy” and a consensus price target of $30.80.

Hesai Group Price Performance

The stock has a market cap of $2.99 billion, a P/E ratio of 54.19 and a beta of 1.21. 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 firm has a 50-day moving average price of $21.01 and a 200-day moving average price of $22.76.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of HSAI. Vanguard Group Inc. purchased a new position in Hesai Group during the 1st quarter valued at about $25,997,000. Aberdeen Group plc bought a new position in shares of Hesai Group during the third quarter valued at approximately $38,241,000. Goldman Sachs Group Inc. lifted its holdings in shares of Hesai Group by 345.7% during the first 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 bought a new stake in shares of Hesai Group in the 2nd quarter worth approximately $20,619,000. Finally, Allianz Asset Management GmbH boosted its position in shares of Hesai Group by 78.2% in the 2nd 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 in the last quarter. 48.53% of the stock is currently owned by institutional investors.

About Hesai Group

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.