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

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) gapped down prior to trading on Tuesday . The stock had previously closed at $18.77, but opened at $17.98. Hesai Group shares last traded at $17.7250, with a volume of 234,805 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on HSAI shares. Weiss Ratings downgraded Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, April 27th. Wall Street Zen downgraded Hesai Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, BNP Paribas Exane initiated coverage on Hesai Group in a research note on Thursday, March 26th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $30.13.

Hesai Group Stock Performance

The company has a quick ratio of 4.52, a current ratio of 4.97 and a debt-to-equity ratio of 0.03. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 38.82, a P/E/G ratio of 0.66 and a beta of 1.33. The company has a 50 day simple moving average of $21.10 and a 200 day simple moving average of $22.96.

Hesai Group (NASDAQ:HSAI) last released its quarterly earnings results on Friday, May 15th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The company had revenue of $98.71 million for the quarter, compared to analysts’ expectations of $96.50 million. Hesai Group had a return on equity of 6.03% and a net margin of 14.75%. As a group, equities research analysts forecast that Hesai Group Sponsored ADR will post 0.66 EPS for the current year.

Institutional Trading of Hesai Group

Several institutional investors have recently added to or reduced their stakes in the stock. Liontrust Investment Partners LLP boosted its holdings in Hesai Group by 21.0% in the first quarter. Liontrust Investment Partners LLP now owns 164,684 shares of the company’s stock valued at $3,149,000 after acquiring an additional 28,548 shares during the last quarter. Empowered Funds LLC bought a new stake in Hesai Group in the first quarter valued at approximately $11,185,000. Quantinno Capital Management LP bought a new stake in Hesai Group in the first quarter valued at approximately $379,000. Weiss Asset Management LP bought a new stake in Hesai Group in the first quarter valued at approximately $1,658,000. Finally, Themes Management Co LLC boosted its holdings in Hesai Group by 108.9% in the first quarter. Themes Management Co LLC now owns 31,346 shares of the company’s stock valued at $599,000 after acquiring an additional 16,342 shares during the last quarter. 48.53% of the stock is currently owned by 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.