Sanford C. Bernstein Upgrades Hesai Group (NASDAQ:HSAI) to Strong-Buy

Hesai Group (NASDAQ:HSAI) was upgraded by equities researchers at Sanford C. Bernstein to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Hesai Group in a report on Wednesday, October 8th. Morgan Stanley raised Hesai Group from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $23.00 to $26.00 in a research report on Monday, July 28th. The Goldman Sachs Group upped their price target on Hesai Group from $26.30 to $36.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Finally, UBS Group began coverage on shares of Hesai Group in a report on Tuesday, August 19th. They set a “buy” rating and a $35.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $32.26.

Hesai Group Price Performance

Shares of HSAI stock traded down $0.19 on Wednesday, reaching $19.59. 2,634,883 shares of the company were exchanged, compared to its average volume of 2,673,882. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.79 and a current ratio of 3.18. The business has a 50-day moving average price of $25.33 and a 200 day moving average price of $22.61. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 46.64 and a beta of 1.12. Hesai Group has a 1 year low of $4.02 and a 1 year high of $30.85.

Hesai Group (NASDAQ:HSAI) last issued its earnings results on Tuesday, November 11th. The company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.14. The business had revenue of $111.70 million for the quarter, compared to analysts’ expectations of $116.11 million. Hesai Group had a return on equity of 10.34% and a net margin of 15.70%. Equities research analysts forecast that Hesai Group will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of Hesai Group

A number of large investors have recently bought and sold shares of HSAI. SBI Securities Co. Ltd. raised its holdings in shares of Hesai Group by 138.6% in the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company’s stock valued at $32,000 after buying an additional 1,249 shares during the last quarter. Bessemer Group Inc. acquired a new position in Hesai Group in the 2nd quarter valued at about $33,000. Legal & General Group Plc purchased a new stake in Hesai Group during the 3rd quarter valued at approximately $71,000. Daiwa Securities Group Inc. purchased a new stake in Hesai Group during the 2nd quarter valued at approximately $108,000. Finally, Quantbot Technologies LP acquired a new stake in Hesai Group during the 3rd quarter worth approximately $123,000. Institutional investors and hedge funds own 48.53% of the company’s stock.

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.