MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Cuts Position in Hesai Group Sponsored ADR $HSAI

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Hesai Group by 1.9%, selling 21,807 shares, and now holds approximately 1,127,783 shares valued at $16.69 million.
• Hesai Group's recent earnings report showed a significant miss with only $0.04 earnings per share against an expected $0.76, and revenue of $98.61 million versus a consensus estimate of $846.98 million.
• Analysts have mixed ratings on Hesai Group, with a consensus rating of "Buy" and target prices ranging from $26.00 to $35.00, indicating potential upside for investors.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its holdings in Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,127,783 shares of the company's stock after selling 21,807 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.86% of Hesai Group worth $16,691,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Lightspeed Management Company L.L.C. acquired a new stake in shares of Hesai Group during the 4th quarter worth approximately $110,560,000. Citigroup Inc. boosted its holdings in Hesai Group by 1,258.8% during the 1st quarter. Citigroup Inc. now owns 2,774,536 shares of the company's stock worth $41,063,000 after acquiring an additional 2,570,347 shares during the last quarter. Vanguard Group Inc. bought a new stake in shares of Hesai Group during the 1st quarter worth $25,997,000. Allianz Asset Management GmbH bought a new stake in shares of Hesai Group during the 1st quarter worth $16,696,000. Finally, Millennium Management LLC bought a new stake in shares of Hesai Group during the 4th quarter worth $14,736,000. Institutional investors own 48.53% of the company's stock.

Wall Street Analysts Forecast Growth

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

Hesai Group Stock Up 2.1%

Shares of NASDAQ HSAI traded up $0.58 during trading on Friday, reaching $28.57. The company had a trading volume of 2,406,031 shares, compared to its average volume of 3,092,547. Hesai Group Sponsored ADR has a 12-month low of $3.81 and a 12-month high of $30.44. The stock has a market cap of $3.75 billion, a PE ratio of 317.44 and a beta of 1.13. The business's 50-day moving average is $23.57 and its 200 day moving average is $19.86. 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 (NASDAQ:HSAI - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.72). Hesai Group had a net margin of 4.00% and a return on equity of 3.11%. The business had revenue of $98.61 million for the quarter, compared to analysts' expectations of $846.98 million. As a group, equities analysts forecast that Hesai Group Sponsored ADR will post -0.14 earnings per share 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.