Hesai Group (NASDAQ:HSAI) Stock Price Down 8.9% – Here’s Why

Hesai Group (NASDAQ:HSAI) shares dropped 8.9% on Monday . The stock traded as low as $13.69 and last traded at $13.92. Approximately 2,857,263 shares were traded during mid-day trading, an increase of 43% from the average daily volume of 1,993,545 shares. The stock had previously closed at $15.27.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on HSAI. The Goldman Sachs Group raised shares of Hesai Group from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th. Daiwa America upgraded Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th. Daiwa Capital Markets began coverage on Hesai Group in a report on Tuesday, March 11th. They set a “buy” rating and a $35.00 price objective for the company. Finally, Morgan Stanley cut Hesai Group from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $5.80 to $15.00 in a report on Monday, January 13th.

Hesai Group Price Performance

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 business has a 50 day simple moving average of $17.46 and a 200-day simple moving average of $11.89. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -30.73, a P/E/G ratio of 1.44 and a beta of 1.35.

Institutional Investors Weigh In On Hesai Group

Institutional investors have recently bought and sold shares of the stock. JTC Employer Solutions Trustee Ltd purchased a new position in Hesai Group during the 1st quarter worth $42,000. GF Fund Management CO. LTD. purchased a new position in Hesai Group during the fourth quarter worth about $2,418,000. Voloridge Investment Management LLC bought a new stake in Hesai Group in the 4th quarter worth about $9,496,000. Squarepoint Ops LLC purchased a new stake in Hesai Group in the 4th quarter valued at about $327,000. Finally, Two Sigma Advisers LP bought a new position in shares of Hesai Group during the 4th quarter worth approximately $1,703,000. Institutional investors 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.