Hesai Group (NASDAQ:HSAI) Stock Price Down 5.7% – Time to Sell?

Hesai Group (NASDAQ:HSAI) shares traded down 5.7% during mid-day trading on Wednesday . The company traded as low as $19.88 and last traded at $20.04. 1,099,050 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 2,717,259 shares. The stock had previously closed at $21.26.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on HSAI shares. Daiwa America upgraded Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th. Daiwa Capital Markets started coverage on Hesai Group in a research note on Tuesday, March 11th. They issued a “buy” rating and a $35.00 price objective for the company.

Hesai Group Trading Down 3.1%

The company has a quick ratio of 2.65, a current ratio of 3.08 and a debt-to-equity ratio of 0.08. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of -46.81, a price-to-earnings-growth ratio of 1.44 and a beta of 1.18. The business has a 50 day moving average of $16.28 and a 200 day moving average of $14.65.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings results on Monday, May 26th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.11. The firm had revenue of $72.39 million during the quarter, compared to analyst estimates of $532.16 million. Hesai Group had a negative net margin of 20.31% and a negative return on equity of 6.79%. On average, research analysts forecast that Hesai Group will post -0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HSAI. Acadian Asset Management LLC grew its position in Hesai Group by 2,217.8% in the first quarter. Acadian Asset Management LLC now owns 112,276 shares of the company’s stock valued at $1,656,000 after acquiring an additional 107,432 shares in the last quarter. Goldman Sachs Group Inc. grew its position 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 worth $18,346,000 after buying an additional 961,493 shares in the last quarter. Electron Capital Partners LLC bought a new position in Hesai Group during the first quarter worth $946,000. Advisors Asset Management Inc. bought a new position in Hesai Group during the first quarter worth $226,000. Finally, Nomura Holdings Inc. bought a new position in Hesai Group during the first quarter worth $2,972,000. Hedge funds and other 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.