Hesai Group (NASDAQ:HSAI) Shares Gap Up – Here’s What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI) shares gapped up prior to trading on Tuesday . The stock had previously closed at $15.76, but opened at $16.97. Hesai Group shares last traded at $17.5150, with a volume of 1,039,649 shares traded.

Analysts Set New Price Targets

Several analysts recently commented on the stock. BNP Paribas Exane initiated coverage on shares of Hesai Group in a research note on Thursday, March 26th. They set an “outperform” rating for the company. Wall Street Zen lowered shares of Hesai Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Weiss Ratings cut Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Hesai Group presently has a consensus rating of “Buy” and a consensus target price of $30.12.

Hesai Group Price Performance

The stock has a 50 day moving average of $19.84 and a two-hundred day moving average of $22.72. The stock has a market cap of $2.55 billion, a PE ratio of 41.43, a PEG ratio of 0.70 and a beta of 1.33. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.52 and a current ratio of 4.97.

Hesai Group (NASDAQ:HSAI) last posted its quarterly earnings data on Friday, May 15th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. Hesai Group had a net margin of 14.75% and a return on equity of 6.03%. The company had revenue of $98.71 million during the quarter, compared to analyst estimates of $96.50 million. Equities analysts anticipate that Hesai Group Sponsored ADR will post 0.66 EPS for the current year.

Hedge Funds Weigh In On Hesai Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. grew its position in Hesai Group by 45.3% during the 1st quarter. Bessemer Group Inc. now owns 2,325 shares of the company’s stock worth $44,000 after purchasing an additional 725 shares in the last quarter. Legal & General Group Plc acquired a new stake in shares of Hesai Group in the third quarter worth $71,000. Blue Trust Inc. acquired a new stake in shares of Hesai Group in the first quarter worth $51,000. SBI Securities Co. Ltd. grew its holdings in shares of Hesai Group by 37.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 2,738 shares of the company’s stock valued at $61,000 after buying an additional 746 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new position in shares of Hesai Group during the first quarter valued at $56,000. 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.