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

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s stock price gapped up prior to trading on Monday. The stock had previously closed at $13.13, but opened at $13.74. Hesai Group shares last traded at $13.61, with a volume of 379,858 shares traded.

Analysts Set New Price Targets

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

Hesai Group Stock Performance

The stock has a 50 day simple moving average of $16.13 and a 200-day simple moving average of $20.11.

Hesai Group (NASDAQ:HSAI) last issued its quarterly 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). The firm had revenue of $126.70 million during the quarter, compared to analysts’ expectations of $126.00 million. As a group, equities research analysts forecast that Hesai Group Sponsored ADR will post 0.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HSAI. Bessemer Group Inc. increased its position in shares of Hesai Group by 45.3% during the first quarter. Bessemer Group Inc. now owns 2,325 shares of the company’s stock valued at $44,000 after acquiring an additional 725 shares in the last quarter. Blue Trust Inc. bought a new position in Hesai Group in the 1st quarter valued at approximately $51,000. Summit Securities Group LLC bought a new position in Hesai Group in the 1st quarter valued at approximately $56,000. Leonteq Securities AG boosted its stake in Hesai Group by 107.9% during the 1st quarter. Leonteq Securities AG now owns 9,833 shares of the company’s stock valued at $188,000 after purchasing an additional 5,104 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Hesai Group during the 2nd quarter valued at $234,000. Institutional investors own 48.53% of the company’s stock.

About Hesai Group

Hesai Group is a global developer and manufacturer of lidar, or light detection and ranging, technology. Its sensors use laser signals to measure the surrounding environment and generate detailed three-dimensional data for applications that require perception, navigation, and obstacle detection.

The company’s products are designed primarily for advanced driver-assistance systems and autonomous driving, including passenger vehicles, commercial vehicles, and robotaxi fleets. Hesai also provides lidar solutions for robotics, last-mile delivery, industrial applications, and other forms of autonomous mobility.