Hesai Group (NASDAQ:HSAI) Shares Gap Down – Here’s What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $18.23, but opened at $17.75. Hesai Group shares last traded at $17.8240, with a volume of 290,581 shares traded.

Analysts Set New Price Targets

HSAI has been the subject of several recent research reports. BNP Paribas Exane started coverage on shares of Hesai Group in a research report on Thursday, March 26th. They issued an “outperform” rating for the company. Wall Street Zen cut Hesai Group from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Weiss Ratings downgraded Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Hesai Group has an average rating of “Buy” and a consensus price target of $30.12.

Hesai Group Trading Down 6.2%

The company’s fifty day moving average price is $19.84 and its two-hundred day moving average price is $22.72. The company has a current ratio of 4.97, a quick ratio of 4.52 and a debt-to-equity ratio of 0.03. The firm has a market cap of $2.39 billion, a P/E ratio of 38.96, a price-to-earnings-growth ratio of 0.70 and a beta of 1.33.

Hesai Group (NASDAQ:HSAI) last announced its earnings results on Friday, May 15th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 14.75% and a return on equity of 6.03%. As a group, sell-side analysts predict that Hesai Group Sponsored ADR will post 0.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

A number of institutional investors and hedge funds have recently bought and sold shares of HSAI. Schroder Investment Management Group grew its holdings in shares of Hesai Group by 17,419.6% during the fourth quarter. Schroder Investment Management Group now owns 2,065,906 shares of the company’s stock worth $46,276,000 after purchasing an additional 2,054,114 shares during the last quarter. Federated Hermes Inc. grew its holdings in Hesai Group by 8,076.3% during the 4th quarter. Federated Hermes Inc. now owns 1,263,894 shares of the company’s stock worth $28,311,000 after acquiring an additional 1,248,436 shares during the last quarter. Norges Bank bought a new stake in Hesai Group during the 4th quarter worth about $24,260,000. Goldman Sachs Group Inc. increased its position in Hesai Group by 345.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company’s stock valued at $18,346,000 after acquiring an additional 961,493 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Hesai Group by 124.6% during the fourth quarter. Deutsche Bank AG now owns 1,624,870 shares of the company’s stock valued at $36,397,000 after purchasing an additional 901,370 shares during the last quarter. Institutional investors and hedge funds own 48.53% of the company’s stock.

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.