Hesai Group (NASDAQ:HSAI) Shares Down 8.3% – Here’s Why

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s stock price dropped 8.3% on Tuesday . The stock traded as low as $19.80 and last traded at $20.1750. Approximately 967,550 shares traded hands during trading, a decline of 51% from the average daily volume of 1,980,704 shares. The stock had previously closed at $22.01.

Analysts Set New Price Targets

HSAI has been the topic of several research reports. Wall Street Zen cut Hesai Group from a “hold” rating to a “sell” rating in a report on Saturday. BNP Paribas Exane began coverage on Hesai Group in a report on Thursday, March 26th. They issued an “outperform” rating on the stock. Finally, Weiss Ratings cut Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $29.96.

Hesai Group Price Performance

The company has a fifty day moving average of $22.30 and a 200 day moving average of $23.08. The firm has a market capitalization of $2.80 billion, a P/E ratio of 50.06 and a beta of 1.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.73 and a quick ratio of 3.38.

Hesai Group (NASDAQ:HSAI) last announced its earnings results on Saturday, February 14th. The company reported $0.16 EPS for the quarter. Hesai Group had a return on equity of 6.63% and a net margin of 14.47%.The business had revenue of $143.00 million for the quarter. Sell-side analysts predict that Hesai Group Sponsored ADR will post 0.65 earnings per share for the current year.

Hedge Funds Weigh In On Hesai Group

Several institutional investors have recently added to or reduced their stakes in HSAI. Bessemer Group Inc. lifted its stake in Hesai Group by 45.3% in the first quarter. Bessemer Group Inc. now owns 2,325 shares of the company’s stock valued at $44,000 after buying an additional 725 shares during the period. Blue Trust Inc. acquired a new position in Hesai Group in the first quarter valued at approximately $51,000. Summit Securities Group LLC acquired a new position in Hesai Group in the first quarter valued at approximately $56,000. SBI Securities Co. Ltd. lifted its stake in Hesai Group by 37.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,738 shares of the company’s stock valued at $61,000 after buying an additional 746 shares during the period. Finally, Legal & General Group Plc acquired a new position in Hesai Group in the third quarter valued at approximately $71,000. 48.53% of the stock is 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.