Mirae Asset Global Investments Co. Ltd. Buys 22,170 Shares of Hesai Group Sponsored ADR $HSAI

Mirae Asset Global Investments Co. Ltd. grew its stake in Hesai Group Sponsored ADR (NASDAQ:HSAI) by 24.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,868 shares of the company’s stock after purchasing an additional 22,170 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Hesai Group were worth $3,172,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in HSAI. Bessemer Group Inc. acquired a new stake in Hesai Group in the second quarter valued at approximately $33,000. Daiwa Securities Group Inc. acquired a new stake in shares of Hesai Group during the 2nd quarter valued at $108,000. JTC Employer Solutions Trustee Ltd boosted its holdings in shares of Hesai Group by 117.6% during the 2nd quarter. JTC Employer Solutions Trustee Ltd now owns 6,231 shares of the company’s stock valued at $137,000 after acquiring an additional 3,368 shares in the last quarter. Federated Hermes Inc. bought a new stake in Hesai Group during the 2nd quarter worth $156,000. Finally, Redwood Wealth Management Group LLC acquired a new position in Hesai Group in the 3rd quarter worth about $223,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

HSAI has been the topic of a number of research reports. CICC Research initiated coverage on shares of Hesai Group in a report on Tuesday, November 25th. They set an “outperform” rating and a $23.50 target price on the stock. Sanford C. Bernstein raised Hesai Group to a “strong-buy” rating in a research note on Wednesday, November 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Hesai Group in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $30.80.

Hesai Group Stock Down 3.5%

Shares of NASDAQ HSAI opened at $23.04 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.75 and a quick ratio of 5.37. The company has a 50-day moving average price of $23.45 and a 200-day moving average price of $23.76. The stock has a market capitalization of $3.23 billion, a P/E ratio of 54.86 and a beta of 1.14. Hesai Group Sponsored ADR has a 1 year low of $10.41 and a 1 year high of $30.85.

Hesai Group (NASDAQ:HSAI) last announced its quarterly earnings results on Wednesday, November 12th. The company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.14. The business had revenue of $111.72 million for the quarter, compared to analysts’ expectations of $116.11 million. Hesai Group had a net margin of 15.70% and a return on equity of 8.04%. On average, equities research analysts forecast that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

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.