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

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) gapped down prior to trading on Tuesday . The stock had previously closed at $18.77, but opened at $17.98. Hesai Group shares last traded at $17.7250, with a volume of 234,805 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on HSAI. Wall Street Zen lowered shares of Hesai Group from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings downgraded Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, April 27th. Finally, BNP Paribas Exane assumed coverage on Hesai Group in a research note on Thursday, March 26th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Hesai Group presently has an average rating of “Buy” and a consensus price target of $30.13.

Hesai Group Trading Down 6.9%

The stock has a 50 day moving average price of $21.24 and a 200-day moving average price of $22.98. 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 stock has a market capitalization of $2.45 billion, a PE ratio of 39.72, a P/E/G ratio of 0.70 and a beta of 1.34.

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, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $98.71 million during the quarter, compared to analyst estimates of $96.50 million. Hesai Group had a net margin of 14.75% and a return on equity of 6.03%. Sell-side analysts expect that Hesai Group Sponsored ADR will post 0.66 earnings per share for the current year.

Institutional Trading of Hesai Group

Several large investors have recently added to or reduced their stakes in HSAI. Bessemer Group Inc. grew its position in Hesai Group by 45.3% during the first quarter. Bessemer Group Inc. now owns 2,325 shares of the company’s stock valued at $44,000 after buying an additional 725 shares during the period. Blue Trust Inc. bought a new stake in Hesai Group during the first quarter valued at approximately $51,000. Summit Securities Group LLC bought a new stake in Hesai Group during the first quarter valued at approximately $56,000. SBI Securities Co. Ltd. grew its position in Hesai Group by 37.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 2,738 shares of the company’s stock valued at $61,000 after buying an additional 746 shares during the period. Finally, Legal & General Group Plc bought a new stake in Hesai Group during the third quarter valued at approximately $71,000. 48.53% of the stock is currently owned by institutional investors.

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.