Sovereign Financial Group Inc. Acquires New Shares in Hesai Group (NASDAQ:HSAI)

Sovereign Financial Group Inc. acquired a new stake in Hesai Group (NASDAQ:HSAI) in the 1st quarter, HoldingsChannel.com reports. The firm acquired 10,001 shares of the company’s stock, valued at approximately $148,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JTC Employer Solutions Trustee Ltd acquired a new stake in Hesai Group in the 1st quarter worth approximately $42,000. GF Fund Management CO. LTD. acquired a new stake in shares of Hesai Group in the fourth quarter worth $2,418,000. Voloridge Investment Management LLC acquired a new stake in shares of Hesai Group in the fourth quarter worth $9,496,000. Squarepoint Ops LLC acquired a new position in Hesai Group during the 4th quarter worth $327,000. Finally, Two Sigma Advisers LP acquired a new position in Hesai Group during the 4th quarter worth $1,703,000. Institutional investors and hedge funds own 48.53% of the company’s stock.

Hesai Group Trading Up 2.1%

Shares of Hesai Group stock opened at $20.00 on Friday. The stock has a market capitalization of $2.62 billion, a P/E ratio of -45.45, a price-to-earnings-growth ratio of 1.44 and a beta of 1.06. 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 company has a 50-day simple moving average of $16.66 and a 200 day simple moving average of $15.50. Hesai Group has a 12-month low of $3.52 and a 12-month high of $24.18.

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

Wall Street Analyst Weigh In

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

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.