Advisors Asset Management Inc. Takes Position in Hesai Group Sponsored ADR $HSAI

Key Points

• Advisors Asset Management Inc. has acquired 15,247 shares of Hesai Group Sponsored ADR, valued at approximately $226,000, marking a significant new stake in the company.
• In addition to Advisors Asset Management, other institutional investors have increased their stakes in Hesai Group, with total institutional ownership now at 48.53%.
• Hesai Group reported a loss of $0.04 EPS for the recent quarter, which fell short of analysts’ estimates by $0.72, alongside a revenue of $98.61 million.

Advisors Asset Management Inc. acquired a new stake in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,247 shares of the company's stock, valued at approximately $226,000.

Other hedge funds have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. increased its holdings in shares of Hesai Group by 138.6% in the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock worth $32,000 after buying an additional 1,249 shares during the period. JTC Employer Solutions Trustee Ltd purchased a new position in shares of Hesai Group in the first quarter worth about $42,000. Sovereign Financial Group Inc. purchased a new position in shares of Hesai Group in the first quarter worth about $148,000. Russell Investments Group Ltd. purchased a new position in shares of Hesai Group in the first quarter worth about $150,000. Finally, Quantbot Technologies LP purchased a new position in Hesai Group during the 1st quarter valued at about $272,000. Institutional investors own 48.53% of the company's stock.

Hesai Group Price Performance

Shares of HSAI stock traded down $0.49 during mid-day trading on Tuesday, hitting $29.31. 3,911,824 shares of the stock were exchanged, compared to its average volume of 4,159,151. The firm has a fifty day moving average of $23.72 and a 200 day moving average of $19.94. The company has a quick ratio of 2.79, a current ratio of 3.18 and a debt-to-equity ratio of 0.06. Hesai Group Sponsored ADR has a 52-week low of $3.88 and a 52-week high of $30.44. The company has a market cap of $3.84 billion, a PE ratio of 326.11 and a beta of 1.13.

Hesai Group (NASDAQ:HSAI - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.72). The business had revenue of $98.61 million during the quarter, compared to analysts' expectations of $846.98 million. Hesai Group had a net margin of 4.00% and a return on equity of 3.11%. Research analysts anticipate that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

HSAI has been the topic of several analyst reports. UBS Group initiated coverage on Hesai Group in a research report on Tuesday, August 19th. They issued a "buy" rating and a $35.00 price objective on the stock. Morgan Stanley upgraded Hesai Group from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $23.00 to $26.00 in a research note on Monday, July 28th. Finally, Jefferies Financial Group started coverage on Hesai Group in a research note on Monday, June 9th. They issued a "buy" rating and a $29.30 price target for the company. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $28.74.

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.