Hesai Group (NASDAQ:HSAI) Position Boosted by Bank of America Corp DE

Bank of America Corp DE boosted its stake in Hesai Group (NASDAQ:HSAI - Free Report) by 2,015.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 166,458 shares of the company's stock after acquiring an additional 158,590 shares during the quarter. Bank of America Corp DE owned about 0.13% of Hesai Group worth $2,300,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new position in shares of Hesai Group in the fourth quarter valued at $138,000. Hsbc Holdings PLC acquired a new stake in shares of Hesai Group during the fourth quarter worth approximately $159,000. Landscape Capital Management L.L.C. bought a new stake in shares of Hesai Group in the fourth quarter worth $168,000. Fox Run Management L.L.C. acquired a new stake in Hesai Group in the fourth quarter valued at $177,000. Finally, Oberweis Asset Management Inc. bought a new position in Hesai Group during the 4th quarter valued at $387,000. Institutional investors and hedge funds own 48.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Daiwa America upgraded Hesai Group to a "strong-buy" rating in a research note on Tuesday, March 11th. Daiwa Capital Markets initiated coverage on Hesai Group in a research report on Tuesday, March 11th. They set a "buy" rating and a $35.00 price target on the stock.

Hesai Group Stock Performance

Shares of NASDAQ HSAI traded down $0.49 during midday trading on Thursday, hitting $19.66. The company's stock had a trading volume of 2,296,923 shares, compared to its average volume of 2,788,356. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08. Hesai Group has a 1-year low of $3.52 and a 1-year high of $24.18. The firm's fifty day moving average price is $16.52 and its 200-day moving average price is $15.21. The firm has a market cap of $2.58 billion, a P/E ratio of -44.68, a P/E/G ratio of 1.44 and a beta of 1.18.

Hesai Group (NASDAQ:HSAI - Get Free Report) last announced its quarterly earnings results on Monday, May 26th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.11. Hesai Group had a negative return on equity of 6.79% and a negative net margin of 20.31%. The business had revenue of $72.39 million for the quarter, compared to analysts' expectations of $532.16 million. On average, sell-side analysts forecast that Hesai Group will post -0.14 EPS for the current fiscal year.

Hesai Group Profile

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.