Diker Management LLC Sells 30,000 Shares of Hesai Group Sponsored ADR $HSAI

Key Points

• Diker Management LLC has reduced its stake in Hesai Group Sponsored ADR (NASDAQ:HSAI) by 33.4%, holding 59,803 shares worth approximately $885,000.
• Hesai Group's stock experienced a 2.7% decline, trading at $28.01, despite a strong institutional interest with 48.53% ownership.
• The company reported earnings that missed estimates, with $0.04 EPS, significantly below the consensus of $0.76, indicating potential challenges ahead.

Diker Management LLC trimmed its position in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 33.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,803 shares of the company's stock after selling 30,000 shares during the quarter. Hesai Group accounts for approximately 1.1% of Diker Management LLC's portfolio, making the stock its 9th largest holding. Diker Management LLC's holdings in Hesai Group were worth $885,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Citigroup Inc. lifted its holdings in shares of Hesai Group by 1,258.8% in the 1st quarter. Citigroup Inc. now owns 2,774,536 shares of the company's stock valued at $41,063,000 after buying an additional 2,570,347 shares during the period. Vanguard Group Inc. acquired a new position in Hesai Group during the first quarter worth $25,997,000. Goldman Sachs Group Inc. raised its holdings in Hesai Group by 345.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company's stock worth $18,346,000 after purchasing an additional 961,493 shares during the last quarter. Allianz Asset Management GmbH acquired a new stake in shares of Hesai Group during the first quarter valued at $16,696,000. Finally, Millennium Management LLC acquired a new stake in shares of Hesai Group during the fourth quarter valued at $14,736,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

Hesai Group Price Performance

HSAI traded up $0.55 during trading on Monday, reaching $29.12. The stock had a trading volume of 2,865,920 shares, compared to its average volume of 4,151,530. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of 322.94 and a beta of 1.13. The company has a quick ratio of 2.79, a current ratio of 3.18 and a debt-to-equity ratio of 0.06. Hesai Group Sponsored ADR has a 1-year low of $3.86 and a 1-year high of $30.44. The stock has a 50 day moving average of $23.57 and a two-hundred day moving average of $19.86.

Hesai Group (NASDAQ:HSAI - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.72). Hesai Group had a net margin of 4.00% and a return on equity of 3.11%. The company had revenue of $98.61 million for the quarter, compared to analyst estimates of $846.98 million. As a group, equities analysts anticipate that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on Hesai Group in a research note on Monday, June 9th. They issued a "buy" rating and a $29.30 price objective on the stock. Morgan Stanley upgraded Hesai Group from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $23.00 to $26.00 in a research note on Monday, July 28th. Finally, UBS Group began coverage on Hesai Group in a research note on Tuesday, August 19th. They set a "buy" rating and a $35.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $28.74.

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.