HITE Hedge Asset Management LLC Lowers Stock Position in Hesai Group Sponsored ADR $HSAI

HITE Hedge Asset Management LLC reduced its stake in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) by 62.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,163 shares of the company’s stock after selling 34,931 shares during the period. HITE Hedge Asset Management LLC’s holdings in Hesai Group were worth $474,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new stake in Hesai Group during the 3rd quarter valued at approximately $71,000. SBI Securities Co. Ltd. raised its stake in Hesai Group by 37.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 2,738 shares of the company’s stock valued at $61,000 after purchasing an additional 746 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in Hesai Group during the 4th quarter valued at approximately $88,000. Quantbot Technologies LP bought a new stake in Hesai Group during the 3rd quarter valued at approximately $123,000. Finally, Leonteq Securities AG bought a new stake in Hesai Group during the 4th quarter valued at approximately $106,000. Institutional investors own 48.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on HSAI shares. BNP Paribas Exane started coverage on Hesai Group in a research note on Thursday, March 26th. They set an “outperform” rating on the stock. Wall Street Zen downgraded Hesai Group from a “hold” rating to a “sell” rating in a research note on Saturday. 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 investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Hesai Group has an average rating of “Buy” and a consensus target price of $30.13.

Hesai Group Stock Performance

NASDAQ:HSAI opened at $18.15 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.97 and a quick ratio of 4.52. Hesai Group Sponsored ADR has a 1 year low of $14.69 and a 1 year high of $30.85. The stock’s 50 day simple moving average is $21.28 and its two-hundred day simple moving average is $22.96. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 41.25, a PEG ratio of 0.69 and a beta of 1.33.

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

Hesai Group 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.