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

Hesai Group Sponsored ADR (NASDAQ:HSAI) gapped up before the market opened on Tuesday . The stock had previously closed at $15.76, but opened at $16.97. Hesai Group shares last traded at $17.5150, with a volume of 1,039,649 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wall Street Zen lowered shares of Hesai Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings downgraded shares of Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, April 27th. Finally, BNP Paribas Exane started coverage on shares of Hesai Group in a research note on Thursday, March 26th. They set an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $30.12.

Hesai Group Trading Up 16.4%

The stock has a market cap of $2.57 billion, a P/E ratio of 41.70, a price-to-earnings-growth ratio of 0.57 and a beta of 1.34. The stock’s 50-day moving average is $20.02 and its two-hundred day moving average is $22.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.97 and a quick ratio of 4.52.

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, beating analysts’ consensus estimates of $0.01 by $0.01. Hesai Group had a net margin of 14.75% and a return on equity of 6.03%. The company had revenue of $98.71 million for the quarter, compared to the consensus estimate of $96.50 million. Equities research analysts anticipate that Hesai Group Sponsored ADR will post 0.66 EPS for the current year.

Institutional Investors Weigh In On Hesai Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HSAI. Schroder Investment Management Group raised its holdings in Hesai Group by 17,419.6% during the 4th quarter. Schroder Investment Management Group now owns 2,065,906 shares of the company’s stock valued at $46,276,000 after buying an additional 2,054,114 shares during the period. Federated Hermes Inc. grew its holdings in Hesai Group by 8,076.3% during the 4th quarter. Federated Hermes Inc. now owns 1,263,894 shares of the company’s stock valued at $28,311,000 after purchasing an additional 1,248,436 shares during the last quarter. Norges Bank purchased a new stake in Hesai Group in the 4th quarter worth about $24,260,000. Goldman Sachs Group Inc. raised its position in Hesai Group by 345.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company’s stock worth $18,346,000 after purchasing an additional 961,493 shares during the period. Finally, Deutsche Bank AG lifted its stake in Hesai Group by 124.6% in the fourth quarter. Deutsche Bank AG now owns 1,624,870 shares of the company’s stock worth $36,397,000 after purchasing an additional 901,370 shares during the last quarter. 48.53% of the stock is currently owned by hedge funds and other 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.