Hesai Group (NASDAQ:HSAI) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Hesai Group (NASDAQ:HSAI) from a sell rating to a strong sell rating in a report released on Sunday,Wall Street Zen reports.

Separately, Weiss Ratings upgraded shares of Hesai Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $29.75.

Hesai Group Stock Performance

HSAI opened at $16.78 on Friday. The company has a quick ratio of 4.86, a current ratio of 5.37 and a debt-to-equity ratio of 0.03. The stock’s 50 day moving average price is $16.90 and its two-hundred day moving average price is $20.28. The firm has a market capitalization of $2.35 billion, a P/E ratio of 40.93, a price-to-earnings-growth ratio of 0.71 and a beta of 1.37. Hesai Group has a 12-month low of $14.29 and a 12-month high of $30.85.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings results on Friday, August 14th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). The business had revenue of $126.70 million for the quarter, compared to analyst estimates of $126.00 million. Hesai Group had a return on equity of 5.52% and a net margin of 14.77%. On average, equities analysts forecast that Hesai Group will post 0.61 earnings per share for the current year.

Hedge Funds Weigh In On Hesai Group

Several large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in shares of Hesai Group by 345.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company’s stock worth $18,346,000 after purchasing an additional 961,493 shares in the last quarter. Federated Hermes Inc. acquired a new position in shares of Hesai Group in the second quarter valued at $156,000. Daiwa Securities Group Inc. acquired a new position in shares of Hesai Group in the second quarter valued at $108,000. Qube Research & Technologies Ltd bought a new position in Hesai Group in the second quarter worth $368,000. Finally, The Manufacturers Life Insurance Company lifted its position in Hesai Group by 24.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,151,586 shares of the company’s stock worth $25,277,000 after purchasing an additional 224,381 shares during the period. 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.