Norges Bank Takes Position in Hesai Group Sponsored ADR $HSAI

Norges Bank bought a new stake in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) during the fourth quarter, Holdings Channel.com reports. The fund bought 1,083,028 shares of the company’s stock, valued at approximately $24,260,000.

A number of other large investors have also recently modified their holdings of the stock. UBS Group AG boosted its stake in Hesai Group by 32.6% during the fourth quarter. UBS Group AG now owns 1,218,110 shares of the company’s stock worth $27,286,000 after acquiring an additional 299,195 shares in the last quarter. Vanguard Group Inc. boosted its stake in Hesai Group by 18.3% during the third quarter. Vanguard Group Inc. now owns 4,078,330 shares of the company’s stock worth $114,601,000 after acquiring an additional 629,680 shares in the last quarter. M&T Bank Corp bought a new stake in Hesai Group during the fourth quarter worth about $2,904,000. Long Corridor Asset Management Ltd bought a new stake in Hesai Group during the third quarter worth about $2,810,000. Finally, Aberdeen Group plc bought a new stake in Hesai Group during the third quarter worth about $38,241,000. Institutional investors own 48.53% of the company’s stock.

Hesai Group Stock Down 3.8%

Shares of Hesai Group stock opened at $18.44 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.52 and a current ratio of 4.97. The stock has a market capitalization of $2.58 billion, a PE ratio of 41.91, a price-to-earnings-growth ratio of 0.73 and a beta of 1.33. Hesai Group Sponsored ADR has a 52-week low of $14.69 and a 52-week high of $30.85. The company has a 50-day simple moving average of $21.35 and a two-hundred day simple moving average of $22.96.

Hesai Group (NASDAQ:HSAI) last issued its earnings results on Friday, May 15th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. Hesai Group had a net margin of 14.75% and a return on equity of 6.03%. The business had revenue of $98.71 million during the quarter, compared to analysts’ expectations of $96.50 million. On average, analysts anticipate that Hesai Group Sponsored ADR will post 0.66 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on HSAI. Wall Street Zen raised shares of Hesai Group from a “sell” rating to a “hold” rating in a research note on Sunday, May 24th. Weiss Ratings lowered shares of Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, April 27th. Finally, BNP Paribas Exane started coverage on shares of Hesai Group in a research note on Thursday, March 26th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $30.13.

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.