Hesai Group (NASDAQ:HSAI) Stock Price Down 6.2% – Here’s What Happened

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) were down 6.2% during trading on Wednesday . The company traded as low as $19.23 and last traded at $18.9730. Approximately 412,587 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 3,920,474 shares. The stock had previously closed at $20.22.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Hesai Group from $26.30 to $36.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. CICC Research began coverage on Hesai Group in a report on Tuesday. They set an “outperform” rating and a $23.50 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Hesai Group in a research note on Monday. UBS Group initiated coverage on Hesai Group in a research report on Tuesday, August 19th. They set a “buy” rating and a $35.00 price objective for the company. Finally, Sanford C. Bernstein raised Hesai Group to a “strong-buy” rating in a research report on Wednesday, November 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $30.80.

Hesai Group Stock Down 8.1%

The company has a quick ratio of 5.37, a current ratio of 5.75 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $23.73 and a 200-day simple moving average of $22.68. The firm has a market cap of $2.44 billion, a P/E ratio of 44.22 and a beta of 1.12.

Hesai Group (NASDAQ:HSAI) last posted its quarterly earnings data on Tuesday, November 11th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.14. The firm had revenue of $111.70 million for the quarter, compared to analysts’ expectations of $116.11 million. Hesai Group had a return on equity of 8.04% and a net margin of 15.70%. On average, equities analysts anticipate that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Hesai Group

A number of hedge funds have recently made changes to their positions in HSAI. Bessemer Group Inc. purchased a new stake in shares of Hesai Group during the second quarter worth about $33,000. Legal & General Group Plc bought a new position in Hesai Group in the 3rd quarter worth approximately $71,000. Daiwa Securities Group Inc. purchased a new stake in Hesai Group during the 2nd quarter valued at approximately $108,000. Quantbot Technologies LP bought a new stake in shares of Hesai Group during the third quarter valued at approximately $123,000. Finally, JTC Employer Solutions Trustee Ltd raised its position in shares of Hesai Group by 117.6% during the second quarter. JTC Employer Solutions Trustee Ltd now owns 6,231 shares of the company’s stock valued at $137,000 after buying an additional 3,368 shares during the last quarter. Institutional investors own 48.53% of the company’s stock.

About Hesai Group

Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous passenger and freight mobility services; and other applications, such as delivery robots, street sweeping robots, and logistics robots in restricted areas.