Hesai Group (NASDAQ:HSAI) Shares Down 8.3% – Here’s Why

Hesai Group Sponsored ADR (NASDAQ:HSAI) shares fell 8.3% during mid-day trading on Tuesday . The stock traded as low as $19.80 and last traded at $20.1750. 967,550 shares were traded during mid-day trading, a decline of 51% from the average session volume of 1,980,704 shares. The stock had previously closed at $22.01.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on HSAI. BNP Paribas Exane began coverage on Hesai Group in a research note on Thursday, March 26th. They issued an “outperform” rating on the stock. Wall Street Zen lowered Hesai Group from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings lowered Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Hesai Group has a consensus rating of “Buy” and an average target price of $29.96.

Hesai Group Price Performance

The company has a quick ratio of 3.38, a current ratio of 3.73 and a debt-to-equity ratio of 0.03. The business has a 50-day moving average price of $22.30 and a two-hundred day moving average price of $23.08. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 50.06 and a beta of 1.50.

Hesai Group (NASDAQ:HSAI) last issued its earnings results on Saturday, February 14th. The company reported $0.16 earnings per share for the quarter. Hesai Group had a return on equity of 6.63% and a net margin of 14.47%.The company had revenue of $143.00 million for the quarter. As a group, research analysts anticipate that Hesai Group Sponsored ADR will post 0.65 EPS for the current year.

Hedge Funds Weigh In On Hesai Group

A number of institutional investors have recently modified their holdings of HSAI. Advisors Asset Management Inc. raised its position in Hesai Group by 2.8% in the 4th quarter. Advisors Asset Management Inc. now owns 15,929 shares of the company’s stock valued at $357,000 after buying an additional 430 shares during the last quarter. Main Management ETF Advisors LLC raised its position in Hesai Group by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 50,112 shares of the company’s stock valued at $1,123,000 after buying an additional 512 shares during the last quarter. Bessemer Group Inc. grew its stake in Hesai Group by 45.3% in the 1st quarter. Bessemer Group Inc. now owns 2,325 shares of the company’s stock valued at $44,000 after purchasing an additional 725 shares during the period. Royal Bank of Canada grew its stake in Hesai Group by 15.8% in the 4th quarter. Royal Bank of Canada now owns 5,311 shares of the company’s stock valued at $119,000 after purchasing an additional 726 shares during the period. Finally, SBI Securities Co. Ltd. grew its stake in Hesai Group by 37.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,738 shares of the company’s stock valued at $61,000 after purchasing an additional 746 shares during the period. 48.53% of the stock is owned by institutional investors and hedge funds.

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.