Hesai Group (NASDAQ:HSAI) Shares Down 9.3% – Should You Sell?

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s share price traded down 9.3% during trading on Thursday . The stock traded as low as $22.90 and last traded at $22.99. 965,858 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 2,170,012 shares. The stock had previously closed at $25.36.

Wall Street Analyst Weigh In

HSAI has been the subject of several analyst reports. Sanford C. Bernstein raised Hesai Group to a “strong-buy” rating in a report on Wednesday, November 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hesai Group in a research report on Monday, December 29th. Finally, CICC Research initiated coverage on Hesai Group in a research report on Tuesday, November 25th. They set an “outperform” rating and a $23.50 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $30.80.

Hesai Group Stock Performance

The stock has a 50 day moving average of $25.94 and a 200 day moving average of $24.47. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 54.72 and a beta of 1.06. The company has a quick ratio of 5.37, a current ratio of 5.75 and a debt-to-equity ratio of 0.04.

Hedge Funds Weigh In On Hesai Group

Large investors have recently added to or reduced their stakes in the business. Aristides Capital LLC lifted its holdings in shares of Hesai Group by 4.6% in the fourth quarter. Aristides Capital LLC now owns 127,024 shares of the company’s stock valued at $2,845,000 after purchasing an additional 5,610 shares in the last quarter. Vident Advisory LLC raised its position in Hesai Group by 37.2% in the 4th quarter. Vident Advisory LLC now owns 16,228 shares of the company’s stock valued at $364,000 after buying an additional 4,402 shares during the last quarter. Wellington Management Group LLP lifted its stake in Hesai Group by 2.1% during the 4th quarter. Wellington Management Group LLP now owns 1,888,544 shares of the company’s stock valued at $42,303,000 after acquiring an additional 38,312 shares in the last quarter. SRS Investment Management LLC purchased a new position in Hesai Group during the 4th quarter worth $12,516,000. Finally, Praetorian PR LLC purchased a new stake in shares of Hesai Group in the fourth quarter valued at about $257,000. Institutional investors 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.