Hesai Group (NASDAQ:HSAI) Shares Gap Up – Here’s What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI) gapped up before the market opened on Tuesday. The stock had previously closed at $12.92, but opened at $13.96. Hesai Group shares last traded at $13.9140, with a volume of 610,396 shares.

Analyst Upgrades and Downgrades

HSAI has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Hesai Group from a “strong sell” rating to a “sell” rating in a report on Saturday, October 3rd. Weiss Ratings downgraded Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $23.50.

Hesai Group Stock Up 9.4%

The stock has a 50 day moving average price of $16.79 and a 200 day moving average price of $18.31. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 34.43, a price-to-earnings-growth ratio of 0.63 and a beta of 1.36. The company has a quick ratio of 4.86, a current ratio of 5.37 and a debt-to-equity ratio of 0.03.

Hesai Group (NASDAQ:HSAI) last released its quarterly earnings results on Saturday, August 15th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). Hesai Group had a return on equity of 5.52% and a net margin of 14.77%. The firm had revenue of $126.70 million for the quarter, compared to the consensus estimate of $126.00 million. As a group, analysts forecast that Hesai Group Sponsored ADR will post 0.52 EPS for the current year.

Institutional Investors Weigh In On Hesai Group

Several hedge funds have recently added to or reduced their stakes in the business. Broad Peak Investment Advisers Pte Ltd bought a new stake in Hesai Group during the 1st quarter worth approximately $16,539,000. Sapient Capital LLC bought a new position in shares of Hesai Group during the first quarter valued at $13,574,000. Empowered Funds LLC bought a new position in shares of Hesai Group during the first quarter valued at $11,185,000. Cvfg LLC bought a new position in shares of Hesai Group during the first quarter valued at $3,574,000. Finally, First Trust Bank Ltd. acquired a new position in shares of Hesai Group during the second quarter worth $1,650,641. 48.53% of the stock is currently owned by institutional investors and hedge funds.

About Hesai Group

Hesai Group is a lidar technology company that develops, manufactures and sells three-dimensional sensing products for automotive and robotic applications. Its lidar systems use laser-based sensing to help vehicles and machines detect and understand their surroundings, supporting functions such as advanced driver-assistance systems, autonomous driving and navigation.

The company’s product portfolio includes long-, medium- and short-range lidar sensors, as well as related software and perception solutions.