Bank of America Corp DE Purchases 158,590 Shares of Hesai Group (NASDAQ:HSAI)

Bank of America Corp DE raised its position in shares of Hesai Group (NASDAQ:HSAI - Free Report) by 2,015.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 166,458 shares of the company's stock after buying an additional 158,590 shares during the period. Bank of America Corp DE owned about 0.13% of Hesai Group worth $2,300,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in shares of Hesai Group during the fourth quarter worth approximately $138,000. Hsbc Holdings PLC acquired a new stake in shares of Hesai Group in the fourth quarter valued at approximately $159,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Hesai Group in the fourth quarter valued at approximately $168,000. Fox Run Management L.L.C. acquired a new stake in shares of Hesai Group in the fourth quarter valued at approximately $177,000. Finally, Oberweis Asset Management Inc. acquired a new stake in shares of Hesai Group in the fourth quarter valued at approximately $387,000. Institutional investors and hedge funds own 48.53% of the company's stock.

Hesai Group Price Performance

Shares of Hesai Group stock traded up $0.42 during midday trading on Friday, reaching $20.00. The company had a trading volume of 1,232,430 shares, compared to its average volume of 2,801,816. The stock has a fifty day simple moving average of $16.61 and a 200 day simple moving average of $15.32. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. Hesai Group has a 1-year low of $3.52 and a 1-year high of $24.18. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of -45.45, a price-to-earnings-growth ratio of 1.44 and a beta of 1.18.

Hesai Group (NASDAQ:HSAI - Get Free Report) last released its earnings results on Monday, May 26th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.11. Hesai Group had a negative net margin of 20.31% and a negative return on equity of 6.79%. The firm had revenue of $72.39 million during the quarter, compared to analyst estimates of $532.16 million. As a group, equities research analysts forecast that Hesai Group will post -0.14 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on HSAI. Daiwa Capital Markets began coverage on shares of Hesai Group in a report on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price target for the company. Daiwa America raised shares of Hesai Group to a "strong-buy" rating in a report on Tuesday, March 11th.

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.