Hesai Group (NASDAQ:HSAI) Trading Down 5.1% – Here’s Why

Hesai Group (NASDAQ:HSAI) was down 5.1% during mid-day trading on Tuesday . The company traded as low as $19.22 and last traded at $19.23. Approximately 1,020,579 shares traded hands during trading, a decline of 78% from the average daily volume of 4,702,262 shares. The stock had previously closed at $20.27.

Analyst Ratings Changes

Several equities research analysts have commented on HSAI shares. Jefferies Financial Group started coverage on shares of Hesai Group in a report on Monday. They issued a “buy” rating and a $29.30 price target on the stock. Daiwa America raised Hesai Group to a “strong-buy” rating in a report on Tuesday, March 11th. Finally, Daiwa Capital Markets began coverage on Hesai Group in a research note on Tuesday, March 11th. They issued a “buy” rating and a $35.00 target price on the stock. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Hesai Group presently has a consensus rating of “Buy” and an average price target of $24.43.

Hesai Group Stock Performance

The firm’s 50 day moving average is $16.72 and its 200-day moving average is $15.69. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -43.32, a PEG ratio of 1.44 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings data on Monday, May 26th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. Hesai Group had a negative net margin of 20.31% and a negative return on equity of 6.79%. The business had revenue of $72.39 million during the quarter, compared to the consensus estimate of $532.16 million. Analysts forecast that Hesai Group will post -0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

Hedge funds have recently bought and sold shares of the business. Lightspeed Management Company L.L.C. acquired a new position in shares of Hesai Group during the 4th quarter worth approximately $110,560,000. JPMorgan Chase & Co. acquired a new position in Hesai Group during the fourth quarter worth $1,494,000. BNP Paribas Financial Markets purchased a new position in Hesai Group during the fourth quarter valued at $1,000,000. Bank of America Corp DE grew its position in shares of Hesai Group by 2,015.6% in the fourth quarter. Bank of America Corp DE now owns 166,458 shares of the company’s stock valued at $2,300,000 after purchasing an additional 158,590 shares during the period. Finally, Robert Bosch GmbH acquired a new stake in shares of Hesai Group in the fourth quarter valued at about $105,768,000. Hedge funds and other institutional investors own 48.53% of the company’s stock.

Hesai Group Company Profile

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.