Hesai Group (NASDAQ:HSAI) Shares Down 6% – Here’s Why

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s share price fell 6% during trading on Monday . The company traded as low as $26.60 and last traded at $26.2510. 801,134 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 2,346,594 shares. The stock had previously closed at $27.94.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Sanford C. Bernstein upgraded shares of Hesai Group to a “strong-buy” rating in a research note on Wednesday, November 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Hesai Group in a research report on Monday, December 29th. Finally, CICC Research started 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. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $30.80.

Hesai Group Trading Down 10.1%

The business’s 50 day moving average price is $22.52 and its two-hundred day moving average price is $23.67. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.37 and a current ratio of 5.75. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of 59.83 and a beta of 1.14.

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

Institutional Investors Weigh In On Hesai Group

A number of institutional investors and hedge funds have recently modified their holdings of HSAI. SG Americas Securities LLC increased its position in Hesai Group by 2.8% during the second quarter. SG Americas Securities LLC now owns 23,445 shares of the company’s stock worth $515,000 after buying an additional 631 shares during the last quarter. Franklin Resources Inc. boosted its position in Hesai Group by 4.2% during the second quarter. Franklin Resources Inc. now owns 19,548 shares of the company’s stock worth $429,000 after purchasing an additional 782 shares during the period. Main Management ETF Advisors LLC grew its holdings in Hesai Group by 1.6% during the second quarter. Main Management ETF Advisors LLC now owns 62,284 shares of the company’s stock valued at $1,367,000 after purchasing an additional 1,008 shares during the last quarter. Bessemer Group Inc. acquired a new position in Hesai Group during the second quarter valued at approximately $33,000. Finally, Candriam S.C.A. raised its position in shares of Hesai Group by 3.6% in the third quarter. Candriam S.C.A. now owns 72,000 shares of the company’s stock valued at $2,023,000 after purchasing an additional 2,500 shares during the period. Institutional investors and hedge funds own 48.53% of the company’s stock.

About Hesai Group

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.