Hesai Group (NASDAQ:HSAI) Trading Down 5.7% – Here’s What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s stock price fell 5.7% during mid-day trading on Friday . The company traded as low as $18.15 and last traded at $18.1830. Approximately 316,674 shares changed hands during trading, a decline of 83% from the average daily volume of 1,918,136 shares. The stock had previously closed at $19.29.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HSAI. Weiss Ratings reissued a “hold (c-)” rating on shares of Hesai Group in a report on Friday, July 24th. Wall Street Zen upgraded shares of Hesai Group from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $31.50.

Hesai Group Trading Down 6.0%

The stock has a fifty day simple moving average of $16.88 and a 200 day simple moving average of $20.94. The firm has a market capitalization of $2.54 billion, a P/E ratio of 41.18, a PEG ratio of 0.78 and a beta of 1.37. The company has a quick ratio of 4.52, a current ratio of 4.97 and a debt-to-equity ratio of 0.03.

Hesai Group (NASDAQ:HSAI) last released its quarterly earnings data on Friday, May 15th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $98.71 million during the quarter, compared to analyst estimates of $96.50 million. Hesai Group had a return on equity of 6.03% and a net margin of 14.75%. As a group, research analysts forecast that Hesai Group Sponsored ADR will post 0.62 EPS for the current year.

Institutional Investors Weigh In On Hesai Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised 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 valued at $18,346,000 after buying an additional 961,493 shares during the last quarter. Federated Hermes Inc. bought a new position in shares of Hesai Group during the second quarter worth $156,000. Daiwa Securities Group Inc. purchased a new position in Hesai Group during the second quarter valued at $108,000. Qube Research & Technologies Ltd purchased a new position in Hesai Group during the second quarter valued at $368,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Hesai Group by 24.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,151,586 shares of the company’s stock valued at $25,277,000 after acquiring an additional 224,381 shares during the last quarter. 48.53% of the stock is owned by hedge funds and other institutional investors.

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.