HITE Hedge Asset Management LLC Sells 34,931 Shares of Hesai Group Sponsored ADR $HSAI

HITE Hedge Asset Management LLC lowered its stake in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) by 62.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 21,163 shares of the company’s stock after selling 34,931 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Hesai Group were worth $474,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. increased its position 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 valued at $61,000 after purchasing an additional 746 shares during the last quarter. Legal & General Group Plc purchased a new position in Hesai Group during the 3rd quarter valued at $71,000. Eurizon Capital SGR S.p.A. purchased a new position in Hesai Group during the 4th quarter valued at $88,000. Leonteq Securities AG purchased a new position in Hesai Group during the 4th quarter valued at $106,000. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of Hesai Group in the 2nd quarter worth $108,000. Institutional investors own 48.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on HSAI shares. Wall Street Zen cut Hesai Group from a “hold” rating to a “sell” rating in a report on Saturday. BNP Paribas Exane started coverage on Hesai Group in a report on Thursday, March 26th. They issued an “outperform” rating for the company. Finally, Weiss Ratings cut Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Hesai Group presently has a consensus rating of “Buy” and an average target price of $30.13.

Hesai Group Price Performance

Shares of HSAI stock opened at $18.15 on Friday. Hesai Group Sponsored ADR has a twelve month low of $14.69 and a twelve month high of $30.85. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 41.25, a P/E/G ratio of 0.69 and a beta of 1.33. The stock has a fifty day simple moving average of $21.28 and a two-hundred day simple moving average of $22.96. The company has a current ratio of 4.97, a quick ratio of 4.52 and a debt-to-equity ratio of 0.03.

Hesai Group (NASDAQ:HSAI) last issued its earnings results on Friday, May 15th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $98.71 million during the quarter, compared to analysts’ expectations of $96.50 million. Hesai Group had a return on equity of 6.03% and a net margin of 14.75%. On average, analysts predict that Hesai Group Sponsored ADR will post 0.66 EPS for the current fiscal year.

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.