Bank of America Corp DE Has $2.83 Million Position in Hesai Group Sponsored ADR $HSAI

Key Points

• Bank of America reduced its Hesai Group stake by 69% in the first quarter, selling 329,262 shares and retaining 147,756 shares valued at approximately $2.83 million.
• Institutional ownership remains significant at 48.53%, with Schroder Investment Management, Federated Hermes, Goldman Sachs and Deutsche Bank among investors that increased their positions.
• Analysts maintain a consensus “Buy” rating with an average price target of $29.75, although Hesai’s latest quarterly EPS of $0.01 missed estimates of $0.07; the stock recently opened at $16.12.

Bank of America Corp DE cut its stake in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 69.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 147,756 shares of the company's stock after selling 329,262 shares during the quarter. Bank of America Corp DE owned 0.11% of Hesai Group worth $2,825,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Schroder Investment Management Group grew its stake in Hesai Group by 17,419.6% in the 4th quarter. Schroder Investment Management Group now owns 2,065,906 shares of the company's stock valued at $46,276,000 after purchasing an additional 2,054,114 shares during the period. Federated Hermes Inc. increased its position in shares of Hesai Group by 8,076.3% during the 4th quarter. Federated Hermes Inc. now owns 1,263,894 shares of the company's stock valued at $28,311,000 after purchasing an additional 1,248,436 shares during the last quarter. Norges Bank bought a new stake in shares of Hesai Group during the 4th quarter worth $24,260,000. Goldman Sachs Group Inc. boosted its holdings in shares of Hesai Group by 345.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company's stock worth $18,346,000 after buying an additional 961,493 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Hesai Group by 124.6% in the 4th 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 during the last quarter. 48.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on HSAI shares. Weiss Ratings upgraded shares of Hesai Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, August 19th. Wall Street Zen cut shares of Hesai Group from a "sell" rating to a "strong sell" rating in a research note on Sunday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued 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 $29.75.

Hesai Group Price Performance

HSAI opened at $16.12 on Tuesday. The firm has a 50-day moving average price of $16.89 and a 200-day moving average price of $20.34. Hesai Group Sponsored ADR has a twelve month low of $14.29 and a twelve month high of $30.85. The company has a quick ratio of 4.86, a current ratio of 5.37 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 39.32, a PEG ratio of 0.76 and a beta of 1.37.

Hesai Group (NASDAQ:HSAI - Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.06). Hesai Group had a net margin of 14.77% and a return on equity of 5.52%. The business had revenue of $126.70 million for the quarter, compared to analysts' expectations of $126.00 million. Equities analysts expect that Hesai Group Sponsored ADR will post 0.61 EPS for the current year.

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.

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