Hesai Group (NASDAQ:HSAI) Shares Down 8.3% – Here’s What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI) dropped 8.3% on Tuesday . The company traded as low as $19.80 and last traded at $20.1750. Approximately 967,550 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 1,980,704 shares. The stock had previously closed at $22.01.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of Hesai Group from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. BNP Paribas Exane began coverage on shares of Hesai Group in a research report on Thursday, March 26th. They set an “outperform” rating for the company. Finally, Weiss Ratings downgraded Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Hesai Group currently has a consensus rating of “Buy” and a consensus price target of $29.96.

Hesai Group Stock Performance

The company has a fifty day moving average price of $22.15 and a two-hundred day moving average price of $23.03. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 46.02 and a beta of 1.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.73 and a quick ratio of 3.38.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings results on Friday, May 15th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $98.71 million during the quarter, compared to the consensus estimate of $96.50 million. Hesai Group had a net margin of 14.75% and a return on equity of 6.39%. As a group, equities research analysts expect that Hesai Group Sponsored ADR will post 0.65 EPS for the current year.

Institutional Investors Weigh In On Hesai Group

A number of institutional investors and hedge funds have recently modified their holdings of HSAI. Schroder Investment Management Group lifted its stake in 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 valued at $46,276,000 after buying an additional 2,054,114 shares in the last quarter. Aberdeen Group plc acquired a new position in Hesai Group in the 3rd quarter worth approximately $38,241,000. Federated Hermes Inc. grew its position 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 purchasing an additional 1,248,436 shares in the last quarter. Norges Bank acquired a new stake in Hesai Group during the 4th quarter valued at $24,260,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Hesai Group by 345.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company’s stock valued at $18,346,000 after purchasing an additional 961,493 shares in the last quarter. 48.53% of the stock is owned by institutional investors and hedge funds.

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.