Hesai Group (NASDAQ:HSAI) Stock Price Down 7.2% – What’s Next?

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s share price was down 7.2% on Friday . The stock traded as low as $22.70 and last traded at $22.5860. Approximately 556,379 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 1,997,158 shares. The stock had previously closed at $24.34.

Analyst Ratings Changes

A number of research firms have commented on HSAI. CICC Research assumed coverage on Hesai Group in a research report on Tuesday, November 25th. They issued an “outperform” rating and a $23.50 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Hesai Group in a report on Monday, December 29th. One research analyst has 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 company currently has a consensus rating of “Buy” and a consensus price target of $29.96.

Hesai Group Stock Down 7.4%

The stock’s 50-day moving average price is $26.03 and its 200-day moving average price is $24.42. 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 company has a market cap of $3.15 billion, a P/E ratio of 53.59 and a beta of 1.06.

Institutional Investors Weigh In On Hesai Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc acquired a new stake in shares of Hesai Group in the 3rd quarter worth about $71,000. SBI Securities Co. Ltd. increased its holdings in 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 stake in Hesai Group during the 4th quarter worth approximately $88,000. Quantbot Technologies LP purchased a new stake in shares of Hesai Group in the third quarter worth approximately $123,000. Finally, Leonteq Securities AG bought a new position in shares of Hesai Group in the fourth quarter valued at approximately $106,000. 48.53% of the stock is owned by institutional investors.

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.