Allianz Asset Management GmbH Takes Position in Hesai Group Sponsored ADR (NASDAQ:HSAI)

Key Points

• Allianz Asset Management GmbH acquired a stake of 1,128,096 shares in Hesai Group (NASDAQ:HSAI), valued at approximately $16.7 million, increasing its ownership to about 0.86% of the company.
• Several other institutional investors, including Mirae Asset Global Investments Co. Ltd. and GF Fund Management CO. LTD., significantly increased their positions in Hesai Group, highlighting a growing institutional interest in the stock.
• Hesai Group has had a volatile stock performance, with a 12-month price range between $3.52 and $24.65, and a current stock price of $21.30.

Allianz Asset Management GmbH acquired a new stake in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,128,096 shares of the company's stock, valued at approximately $16,696,000. Allianz Asset Management GmbH owned about 0.86% of Hesai Group as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. SBI Securities Co. Ltd. raised its position in shares of Hesai Group by 138.6% during the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock valued at $32,000 after buying an additional 1,249 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in Hesai Group by 43.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 63,000 shares of the company's stock worth $932,000 after purchasing an additional 19,000 shares in the last quarter. GF Fund Management CO. LTD. raised its position in Hesai Group by 68.4% in the first quarter. GF Fund Management CO. LTD. now owns 294,750 shares of the company's stock worth $4,362,000 after purchasing an additional 119,750 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Hesai Group by 2,611.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 413,041 shares of the company's stock worth $6,113,000 after purchasing an additional 397,805 shares in the last quarter. Finally, Perpetual Ltd acquired a new position in Hesai Group in the first quarter worth about $374,000. Institutional investors and hedge funds own 48.53% of the company's stock.

Hesai Group Stock Performance

NASDAQ:HSAI opened at $21.30 on Friday. Hesai Group Sponsored ADR has a 12-month low of $3.52 and a 12-month high of $24.65. The company has a quick ratio of 3.62, a current ratio of 4.06 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $2.79 billion, a PE ratio of -710.00 and a beta of 1.14. The firm has a 50-day moving average price of $20.75 and a 200 day moving average price of $17.88.

Hesai Group (NASDAQ:HSAI - Get Free Report) last issued its quarterly earnings data on Monday, May 26th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. The firm had revenue of $72.39 million for the quarter, compared to analysts' expectations of $532.16 million. Hesai Group had a negative net margin of 0.72% and a positive return on equity of 1.00%. Research analysts anticipate that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group initiated coverage on shares of Hesai Group in a research report 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 hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $24.43.

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.

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