Hesai Group (NASDAQ:HSAI) Shares Down 6% – Time to Sell?

Hesai Group Sponsored ADR (NASDAQ:HSAI) fell 6% during trading on Monday . The company traded as low as $26.60 and last traded at $26.2510. 801,134 shares were traded during trading, a decline of 66% from the average session volume of 2,346,594 shares. The stock had previously closed at $27.94.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HSAI. Sanford C. Bernstein upgraded Hesai Group to a “strong-buy” rating in a report on Wednesday, November 12th. CICC Research started coverage on Hesai Group in a research report on Tuesday, November 25th. They set an “outperform” rating and a $23.50 target price on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hesai Group in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $30.80.

Hesai Group Stock Down 10.1%

The firm has a 50-day simple moving average of $22.52 and a 200 day simple moving average of $23.67. The company has a market capitalization of $3.52 billion, a PE ratio of 59.83 and a beta of 1.14. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.75 and a quick ratio of 5.37.

Hesai Group (NASDAQ:HSAI) last released its quarterly earnings results on Wednesday, November 12th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.14. The firm 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, research analysts predict that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

Several institutional investors and hedge funds have recently made changes to their positions in HSAI. Bessemer Group Inc. bought a new stake in shares of Hesai Group in the second quarter worth $33,000. Legal & General Group Plc bought a new position in shares of Hesai Group during the third quarter worth about $71,000. Daiwa Securities Group Inc. acquired a new position in Hesai Group in the second quarter worth about $108,000. Quantbot Technologies LP bought a new stake in Hesai Group in the third quarter valued at about $123,000. Finally, JTC Employer Solutions Trustee Ltd grew its position in shares of Hesai Group by 117.6% in the 2nd quarter. JTC Employer Solutions Trustee Ltd now owns 6,231 shares of the company’s stock worth $137,000 after acquiring an additional 3,368 shares in the last quarter. 48.53% of the stock is currently owned by hedge funds and other 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.