Hesai Group (NASDAQ:HSAI) Announces Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Hesai Group (NASDAQ:HSAI) announced its quarterly earnings results on Friday, August 14th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06), Zacks reports. Hesai Group had a net margin of 14.77% and a return on equity of 5.52%. The company had revenue of $126.70 million during the quarter, compared to the consensus estimate of $126.00 million.

Hesai Group Stock Up 2.3%

Shares of NASDAQ HSAI opened at $18.89 on Friday. The firm’s 50-day simple moving average is $17.07 and its 200 day simple moving average is $20.16. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 46.07, a price-to-earnings-growth ratio of 0.81 and a beta of 1.36. The company has a quick ratio of 4.86, a current ratio of 5.37 and a debt-to-equity ratio of 0.03. Hesai Group has a 12-month low of $14.29 and a 12-month high of $30.85.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HSAI. Weiss Ratings raised shares of Hesai Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 19th. Wall Street Zen downgraded Hesai Group from a “sell” rating to a “strong sell” rating in a report on Sunday, August 30th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $29.75.

Institutional Investors Weigh In On Hesai Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc bought a new stake in Hesai Group during the 3rd quarter worth approximately $71,000. Daiwa Securities Group Inc. acquired a new stake in shares of Hesai Group in the second quarter valued at approximately $108,000. Royal Bank of Canada raised its holdings in shares of Hesai Group by 15.8% in the fourth 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 last quarter. Quantbot Technologies LP bought a new stake in shares of Hesai Group in the third quarter worth $123,000. Finally, Federated Hermes Inc. bought a new stake in shares of Hesai Group in the second quarter worth $156,000. 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.