Hesai Group (NASDAQ:HSAI) Trading Up 7.8% – Here’s Why

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s stock price rose 7.8% on Tuesday . The stock traded as high as $19.66 and last traded at $19.65. Approximately 1,634,478 shares changed hands during trading, a decline of 58% from the average daily volume of 3,913,631 shares. The stock had previously closed at $18.22.

Wall Street Analyst Weigh In

HSAI has been the subject of a number of research analyst reports. Sanford C. Bernstein raised shares of Hesai Group to a “strong-buy” rating in a research report on Wednesday, November 12th. CICC Research started coverage on shares of Hesai Group in a research note on Tuesday. They set an “outperform” rating and a $23.50 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of Hesai Group in a report on Monday. The Goldman Sachs Group increased their price objective on Hesai Group from $26.30 to $36.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Finally, UBS Group began coverage on Hesai Group in a research note on Tuesday, August 19th. They issued a “buy” rating and a $35.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Hesai Group has a consensus rating of “Buy” and a consensus target price of $30.80.

Hesai Group Stock Down 7.4%

The company has a current ratio of 5.75, a quick ratio of 5.37 and a debt-to-equity ratio of 0.04. The business’s fifty day moving average price is $23.53 and its two-hundred day moving average price is $22.65. The firm has a market cap of $2.46 billion, a P/E ratio of 44.60 and a beta of 1.12.

Hesai Group (NASDAQ:HSAI) last posted its earnings results on Tuesday, November 11th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.11 by $0.14. Hesai Group had a net margin of 15.70% and a return on equity of 8.04%. The firm had revenue of $111.70 million for the quarter, compared to the consensus estimate of $116.11 million. As a group, equities research analysts anticipate that Hesai Group Sponsored ADR will post -0.14 EPS for the current year.

Institutional Investors Weigh In On Hesai Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in HSAI. Vanguard Group Inc. grew its holdings in Hesai Group by 18.3% during the third quarter. Vanguard Group Inc. now owns 4,078,330 shares of the company’s stock valued at $114,601,000 after purchasing an additional 629,680 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of Hesai Group by 1,258.8% during the 1st quarter. Citigroup Inc. now owns 2,774,536 shares of the company’s stock worth $41,063,000 after buying an additional 2,570,347 shares during the period. Allianz Asset Management GmbH grew its stake in Hesai Group by 29.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 2,594,744 shares of the company’s stock valued at $72,912,000 after buying an additional 584,468 shares during the last quarter. Wellington Management Group LLP raised its holdings in Hesai Group by 5.6% in the 3rd quarter. Wellington Management Group LLP now owns 1,850,232 shares of the company’s stock worth $51,992,000 after acquiring an additional 98,884 shares during the period. Finally, National Bank of Canada FI lifted its position in Hesai Group by 108.4% during the 3rd quarter. National Bank of Canada FI now owns 1,482,116 shares of the company’s stock worth $41,647,000 after acquiring an additional 770,816 shares during the last quarter. 48.53% of the stock is currently owned by institutional investors and hedge funds.

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.