Hesai Group (NASDAQ:HSAI) Trading 8.1% Higher – Here’s Why

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) rose 8.1% during mid-day trading on Tuesday . The stock traded as high as $28.34 and last traded at $28.0650. Approximately 2,794,012 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 2,374,526 shares. The stock had previously closed at $25.96.

Wall Street Analysts Forecast Growth

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

Hesai Group Trading Up 6.6%

The company has a market cap of $3.87 billion, a price-to-earnings ratio of 65.88 and a beta of 1.14. 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 50 day moving average price is $24.00 and its 200-day moving average price is $23.88.

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

Institutional Investors Weigh In On Hesai Group

A number of hedge funds and other institutional investors have recently made changes to their positions in HSAI. Bessemer Group Inc. acquired a new stake in Hesai Group during the second quarter worth approximately $33,000. Legal & General Group Plc bought a new stake in shares of Hesai Group during the 3rd quarter valued at $71,000. SBI Securities Co. Ltd. grew its holdings in shares of Hesai Group by 37.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 2,738 shares of the company’s stock worth $61,000 after purchasing an additional 746 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of Hesai Group in the fourth quarter worth $88,000. Finally, Quantbot Technologies LP acquired a new position in Hesai Group in the third quarter valued at about $123,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

Hesai Group Company Profile

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.