Hesai Group (NASDAQ:HSAI) Shares Gap Up Following Strong Earnings

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $23.06, but opened at $24.25. Hesai Group shares last traded at $21.7350, with a volume of 2,550,831 shares changing hands.

The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.14. Hesai Group had a net margin of 4.00% and a return on equity of 3.11%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Morgan Stanley raised Hesai Group from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $23.00 to $26.00 in a research note on Monday, July 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Hesai Group in a research note on Wednesday, October 8th. The Goldman Sachs Group boosted their target price on shares of Hesai Group from $26.30 to $36.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Finally, UBS Group initiated coverage on shares of Hesai Group in a report on Tuesday, August 19th. They issued a “buy” rating and a $35.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Hesai Group currently has a consensus rating of “Buy” and an average price target of $32.26.

Hedge Funds Weigh In On Hesai Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bessemer Group Inc. bought a new stake in shares of Hesai Group in the second quarter valued at about $33,000. SBI Securities Co. Ltd. grew its holdings in Hesai Group by 138.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company’s stock worth $32,000 after acquiring an additional 1,249 shares in the last quarter. Daiwa Securities Group Inc. purchased a new position in Hesai Group during the 2nd quarter valued at about $108,000. JTC Employer Solutions Trustee Ltd raised its holdings in shares of Hesai Group by 117.6% in the 2nd quarter. JTC Employer Solutions Trustee Ltd now owns 6,231 shares of the company’s stock valued at $137,000 after purchasing an additional 3,368 shares in the last quarter. Finally, Federated Hermes Inc. bought a new stake in shares of Hesai Group in the 2nd quarter valued at about $156,000. Institutional investors own 48.53% of the company’s stock.

Hesai Group Price Performance

The company has a current ratio of 3.18, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06. The firm’s 50-day moving average price is $25.77 and its two-hundred day moving average price is $22.57. The stock has a market cap of $2.81 billion, a PE ratio of 238.50 and a beta of 1.13.

About Hesai Group

Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous passenger and freight mobility services; and other applications, such as delivery robots, street sweeping robots, and logistics robots in restricted areas.