Hesai Group (NASDAQ:HSAI) Stock Price Down 6.9% – Here’s What Happened

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) were down 6.9% during trading on Monday. The company traded as low as $15.07 and last traded at $14.90. Approximately 243,482 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 1,801,542 shares. The stock had previously closed at $16.01.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Wall Street Zen raised Hesai Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 3rd. Weiss Ratings cut shares of Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $23.50.

Hesai Group Stock Performance

The firm has a market capitalization of $2.02 billion, a PE ratio of 36.88, a price-to-earnings-growth ratio of 0.66 and a beta of 1.36. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.86 and a current ratio of 5.37. The business’s fifty day simple moving average is $17.22 and its 200-day simple moving average is $18.47.

Hesai Group (NASDAQ:HSAI) last posted its earnings results on Saturday, August 15th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). 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 for the quarter, compared to analysts’ expectations of $126.00 million. As a group, equities research analysts expect that Hesai Group Sponsored ADR will post 0.61 EPS for the current year.

Hedge Funds Weigh In On Hesai Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Broad Peak Investment Advisers Pte Ltd purchased a new position in shares of Hesai Group in the 1st quarter worth approximately $16,539,000. Sapient Capital LLC acquired a new position in Hesai Group during the 1st quarter valued at about $13,574,000. C WorldWide Group Holding A S boosted its holdings in Hesai Group by 1.4% in the second quarter. C WorldWide Group Holding A S now owns 679,558 shares of the company’s stock worth $12,382,000 after acquiring an additional 9,385 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Hesai Group during the first quarter valued at about $11,185,000. Finally, Graham Capital Management L.P. acquired a new stake in Hesai Group in the 4th quarter worth approximately $4,589,000. Institutional investors own 48.53% of the company’s stock.

About Hesai Group

Hesai Group is a lidar technology company that develops, manufactures and sells three-dimensional sensing products for automotive and robotic applications. Its lidar systems use laser-based sensing to help vehicles and machines detect and understand their surroundings, supporting functions such as advanced driver-assistance systems, autonomous driving and navigation.

The company’s product portfolio includes long-, medium- and short-range lidar sensors, as well as related software and perception solutions.