Navellier & Associates Inc. Increases Stock Holdings in Hesai Group Sponsored ADR $HSAI

Navellier & Associates Inc. raised its position in Hesai Group Sponsored ADR (NASDAQ:HSAI) by 31.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,978 shares of the company’s stock after acquiring an additional 20,568 shares during the quarter. Navellier & Associates Inc. owned approximately 0.06% of Hesai Group worth $2,388,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Allianz Asset Management GmbH increased its stake in Hesai Group by 29.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 2,594,744 shares of the company’s stock worth $72,912,000 after buying an additional 584,468 shares during the period. Goldman Sachs Group Inc. increased 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 acquiring an additional 961,493 shares during the period. Bank of America Corp DE increased its position in shares of Hesai Group by 14.2% during the second quarter. Bank of America Corp DE now owns 1,208,332 shares of the company’s stock worth $26,523,000 after acquiring an additional 150,022 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Hesai Group by 24.2% in the second 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 in the last quarter. Finally, Norges Bank purchased a new position in Hesai Group in the second quarter valued at $20,619,000. Institutional investors and hedge funds own 48.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on HSAI shares. Sanford C. Bernstein upgraded Hesai Group to a “strong-buy” rating in a report on Wednesday, November 12th. CICC Research assumed coverage on Hesai Group in a research report on Tuesday, November 25th. They set an “outperform” rating and a $23.50 price objective for the company. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hesai Group in a report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $30.80.

Hesai Group Trading Down 0.2%

NASDAQ:HSAI opened at $25.96 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.37 and a current ratio of 5.75. Hesai Group Sponsored ADR has a 1 year low of $10.41 and a 1 year high of $30.85. The stock has a market cap of $3.63 billion, a P/E ratio of 61.81 and a beta of 1.14. The stock has a 50-day simple moving average of $24.00 and a 200-day simple moving average of $23.88.

Hesai Group (NASDAQ:HSAI) last posted its earnings results on Wednesday, November 12th. The company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.14. The firm had revenue of $111.72 million during the quarter, compared to analysts’ expectations of $116.11 million. Hesai Group had a return on equity of 8.04% and a net margin of 15.70%. As a group, analysts anticipate that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current fiscal year.

Hesai Group 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.