Short Interest in Hesai Group Sponsored ADR (NASDAQ:HSAI) Drops By 26.7%

Hesai Group Sponsored ADR (NASDAQ:HSAI) saw a significant drop in short interest in October. As of October 15th, there was short interest totaling 3,880,000 shares, a drop of 26.7% from the September 30th total of 5,290,000 shares. Currently, 3.0% of the shares of the stock are short sold. Based on an average trading volume of 3,090,000 shares, the short-interest ratio is currently 1.3 days. Based on an average trading volume of 3,090,000 shares, the short-interest ratio is currently 1.3 days. Currently, 3.0% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

HSAI has been the subject of several research reports. The Goldman Sachs Group increased their price objective on shares of Hesai Group from $26.30 to $36.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Morgan Stanley upgraded Hesai Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $23.00 to $26.00 in a research report on Monday, July 28th. UBS Group started coverage on Hesai Group in a research note on Tuesday, August 19th. They set a “buy” rating and a $35.00 price target for the company. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Hesai Group in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Hesai Group presently has an average rating of “Buy” and an average price target of $32.26.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of HSAI. Bessemer Group Inc. purchased a new stake in shares of Hesai Group in the second quarter valued at $33,000. SBI Securities Co. Ltd. grew its holdings in Hesai Group by 138.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company’s stock valued at $32,000 after purchasing an additional 1,249 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in Hesai Group in the 2nd quarter worth about $108,000. JTC Employer Solutions Trustee Ltd lifted its stake in Hesai Group by 117.6% in the second quarter. JTC Employer Solutions Trustee Ltd now owns 6,231 shares of the company’s stock worth $137,000 after purchasing an additional 3,368 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new position in shares of Hesai Group during the second quarter valued at approximately $156,000. 48.53% of the stock is owned by hedge funds and other institutional investors.

Hesai Group Stock Down 4.6%

Shares of NASDAQ:HSAI opened at $22.42 on Wednesday. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 249.11 and a beta of 1.12. Hesai Group has a 12 month low of $4.02 and a 12 month high of $30.85. The company has a current ratio of 3.18, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $26.08 and a 200 day moving average price of $22.32.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings data on Thursday, August 14th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.72). The company had revenue of $98.61 million for the quarter, compared to analysts’ expectations of $846.98 million. Hesai Group had a net margin of 4.00% and a return on equity of 3.11%. As a group, equities research analysts predict that Hesai Group will post -0.14 earnings per share for the current year.

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.