Hesai Group Sponsored ADR (NASDAQ:HSAI) Shares Purchased by Citigroup Inc.

Key Points

• Citigroup Inc. significantly increased its stake in Hesai Group, raising its holdings by 1,258.8% to approximately $41 million during the first quarter.
• Multiple large investors, including Lightspeed Management and Vanguard Group, have acquired substantial positions in Hesai Group, indicating strong institutional interest.
• Analysts are optimistic about Hesai Group, with an average buy rating and a target price of $27.18, indicating positive expectations for future performance.

Citigroup Inc. boosted its holdings in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 1,258.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,774,536 shares of the company's stock after acquiring an additional 2,570,347 shares during the quarter. Citigroup Inc. owned about 2.12% of Hesai Group worth $41,063,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. SBI Securities Co. Ltd. boosted its holdings in Hesai Group by 138.6% in the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock valued at $32,000 after purchasing an additional 1,249 shares during the period. JTC Employer Solutions Trustee Ltd purchased a new position in Hesai Group in the first quarter valued at $42,000. Renaissance Technologies LLC purchased a new position in Hesai Group in the fourth quarter valued at $138,000. Sovereign Financial Group Inc. purchased a new position in Hesai Group in the first quarter valued at $148,000. Finally, Hsbc Holdings PLC purchased a new position in Hesai Group in the fourth quarter valued at $159,000. 48.53% of the stock is currently owned by hedge funds and other institutional investors.

Hesai Group Stock Performance

Shares of HSAI traded up $2.25 during midday trading on Friday, reaching $25.57. 7,403,484 shares of the stock were exchanged, compared to its average volume of 4,237,906. The business's 50-day moving average price is $21.04 and its 200 day moving average price is $18.50. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.06 and a quick ratio of 3.62. Hesai Group Sponsored ADR has a twelve month low of $3.56 and a twelve month high of $27.77. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of -855.30 and a beta of 1.12.

Hesai Group (NASDAQ:HSAI - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported $0.04 EPS for the quarter. Hesai Group had a positive return on equity of 1.00% and a negative net margin of 0.72%. The business had revenue of $98.61 million for the quarter. On average, sell-side analysts expect that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on HSAI shares. Morgan Stanley upgraded Hesai Group from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $23.00 to $26.00 in a report on Monday, July 28th. Jefferies Financial Group initiated coverage on Hesai Group in a report on Monday, June 9th. They set a "buy" rating and a $29.30 price target for the company. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $27.18.

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.