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

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) gapped down prior to trading on Thursday . The stock had previously closed at $18.23, but opened at $17.75. Hesai Group shares last traded at $17.8240, with a volume of 290,581 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently weighed in on HSAI shares. BNP Paribas Exane assumed coverage on Hesai Group in a research report on Thursday, March 26th. They set an “outperform” rating on the stock. Weiss Ratings cut Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, April 27th. Finally, Wall Street Zen lowered Hesai Group from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Hesai Group has a consensus rating of “Buy” and a consensus price target of $30.12.

Hesai Group Price Performance

The stock’s 50 day moving average is $19.67 and its two-hundred day moving average is $22.66. The stock has a market capitalization of $2.41 billion, a PE ratio of 39.07, a price-to-earnings-growth ratio of 0.66 and a beta of 1.35. 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 (NASDAQ:HSAI) last issued its quarterly earnings results 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 net margin of 14.75% and a return on equity of 6.03%. The company had revenue of $98.71 million during the quarter, compared to the consensus estimate of $96.50 million. As a group, sell-side analysts forecast that Hesai Group Sponsored ADR will post 0.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hesai Group

Several institutional investors have recently modified their holdings of HSAI. UBS Group AG lifted its holdings in Hesai Group by 32.6% during the 4th quarter. UBS Group AG now owns 1,218,110 shares of the company’s stock worth $27,286,000 after buying an additional 299,195 shares during the last quarter. M&T Bank Corp purchased a new position in shares of Hesai Group in the 4th quarter valued at about $2,904,000. Long Corridor Asset Management Ltd purchased a new position in shares of Hesai Group in the 3rd quarter valued at about $2,810,000. Maxi Investments CY Ltd acquired a new stake in shares of Hesai Group during the 4th quarter worth about $11,488,000. Finally, Fosun International Ltd acquired a new stake in shares of Hesai Group during the 3rd quarter worth about $3,136,000. 48.53% of the stock is owned by hedge funds and other 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.