Norges Bank Makes New Investment in Hesai Group Sponsored ADR $HSAI

Norges Bank acquired a new position in Hesai Group Sponsored ADR (NASDAQ:HSAI) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,083,028 shares of the company’s stock, valued at approximately $24,260,000. Norges Bank owned approximately 0.77% of Hesai Group at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legal & General Group Plc purchased a new position in shares of Hesai Group in the 3rd quarter worth about $71,000. SBI Securities Co. Ltd. boosted its holdings in shares of Hesai Group by 37.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,738 shares of the company’s stock worth $61,000 after purchasing an additional 746 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in shares of Hesai Group in the 4th quarter worth about $88,000. Quantbot Technologies LP purchased a new stake in shares of Hesai Group in the 3rd quarter valued at $123,000. Finally, Leonteq Securities AG purchased a new stake in shares of Hesai Group in the 4th quarter valued at $106,000. 48.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on HSAI shares. Weiss Ratings cut shares of Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, April 27th. BNP Paribas Exane started coverage on shares of Hesai Group in a research report on Thursday, March 26th. They set an “outperform” rating for the company. Finally, Wall Street Zen upgraded shares of Hesai Group from a “sell” rating to a “hold” rating in a research report on Sunday, May 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Hesai Group currently has a consensus rating of “Buy” and an average target price of $30.13.

Hesai Group Price Performance

Shares of Hesai Group stock opened at $18.44 on Wednesday. The firm has a market cap of $2.58 billion, a PE ratio of 41.91, a price-to-earnings-growth ratio of 0.73 and a beta of 1.33. Hesai Group Sponsored ADR has a 12-month low of $14.69 and a 12-month high of $30.85. The company has a quick ratio of 4.52, a current ratio of 4.97 and a debt-to-equity ratio of 0.03. The company’s fifty day simple moving average is $21.35 and its two-hundred day simple moving average is $22.96.

Hesai Group (NASDAQ:HSAI) last announced its quarterly earnings results on Friday, May 15th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $98.71 million for the quarter, compared to analyst estimates of $96.50 million. Hesai Group had a net margin of 14.75% and a return on equity of 6.03%. As a group, equities analysts expect that Hesai Group Sponsored ADR will post 0.66 EPS for the current year.

Hesai Group 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.