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

Hesai Group Sponsored ADR (NASDAQ:HSAI) gapped down before the market opened 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.

Analyst Ratings Changes

Several brokerages recently weighed in on HSAI. BNP Paribas Exane assumed coverage on Hesai Group in a research note on Thursday, March 26th. They set an “outperform” rating for the company. Weiss Ratings lowered Hesai Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, April 27th. Finally, Wall Street Zen cut Hesai Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. One equities research 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 company. According to MarketBeat, Hesai Group currently has a consensus rating of “Buy” and a consensus target price of $30.12.

Hesai Group Stock Performance

The firm’s fifty day moving average price is $19.84 and its 200-day moving average price is $22.72. The company has a market cap of $2.39 billion, a P/E ratio of 38.96, a P/E/G ratio of 0.70 and a beta of 1.33. The company has a current ratio of 4.97, a quick ratio of 4.52 and a debt-to-equity ratio of 0.03.

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

Institutional Trading of Hesai Group

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Hesai Group by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 4,106,432 shares of the company’s stock valued at $91,984,000 after purchasing an additional 28,102 shares during the period. Schroder Investment Management Group lifted its position in Hesai Group by 17,419.6% in the fourth quarter. Schroder Investment Management Group now owns 2,065,906 shares of the company’s stock worth $46,276,000 after purchasing an additional 2,054,114 shares during the period. Wellington Management Group LLP lifted its position in Hesai Group by 2.1% in the fourth quarter. Wellington Management Group LLP now owns 1,888,544 shares of the company’s stock worth $42,303,000 after purchasing an additional 38,312 shares during the period. Deutsche Bank AG boosted its stake in Hesai Group by 124.6% during the fourth quarter. Deutsche Bank AG now owns 1,624,870 shares of the company’s stock worth $36,397,000 after buying an additional 901,370 shares in the last quarter. Finally, National Bank of Canada FI boosted its stake in Hesai Group by 108.4% during the third quarter. National Bank of Canada FI now owns 1,482,116 shares of the company’s stock worth $41,647,000 after buying an additional 770,816 shares in the last quarter. Institutional investors own 48.53% of the company’s stock.

Hesai Group Company 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.