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

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) gapped down before the market opened on Wednesday. The stock had previously closed at $13.99, but opened at $13.41. Hesai Group shares last traded at $12.9210, with a volume of 884,080 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently commented on HSAI. Weiss Ratings lowered Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Wall Street Zen raised Hesai Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Hesai Group has a consensus rating of “Buy” and a consensus price target of $23.50.

Hesai Group Stock Performance

The company has a current ratio of 5.37, a quick ratio of 4.86 and a debt-to-equity ratio of 0.03. The stock’s 50 day moving average price is $16.43 and its two-hundred day moving average price is $18.15. The firm has a market capitalization of $1.70 billion, a PE ratio of 32.17, a PEG ratio of 0.67 and a beta of 1.36.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings data on Saturday, August 15th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.06). The company 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 expect that Hesai Group Sponsored ADR will post 0.52 earnings per share for the current year.

Hedge Funds Weigh In On Hesai Group

A number of institutional investors have recently made changes to their positions in HSAI. Broad Peak Investment Advisers Pte Ltd purchased a new stake in shares of Hesai Group in the first quarter valued at $16,539,000. Sapient Capital LLC purchased a new stake in Hesai Group during the 1st quarter worth about $13,574,000. C WorldWide Group Holding A S increased its position in Hesai Group by 1.4% during the 2nd quarter. C WorldWide Group Holding A S now owns 679,558 shares of the company’s stock worth $12,382,000 after purchasing an additional 9,385 shares in the last quarter. Empowered Funds LLC purchased a new stake in Hesai Group during the 1st quarter worth about $11,185,000. Finally, Cvfg LLC acquired a new position in Hesai Group in the 1st quarter valued at about $3,574,000. 48.53% of the stock is owned by institutional investors and hedge funds.

Hesai Group Company Profile

Hesai Group is a global developer and manufacturer of lidar, or light detection and ranging, technology. Its sensors use laser signals to measure the surrounding environment and generate detailed three-dimensional data for applications that require perception, navigation, and obstacle detection.

The company’s products are designed primarily for advanced driver-assistance systems and autonomous driving, including passenger vehicles, commercial vehicles, and robotaxi fleets. Hesai also provides lidar solutions for robotics, last-mile delivery, industrial applications, and other forms of autonomous mobility.