Pinpoint Asset Management Ltd Purchases 97,058 Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI)

Key Points

• Pinpoint Asset Management Ltd increased its stake in Hesai Group Sponsored ADR by 22,312.2%, owning 97,493 shares after purchasing 97,058 additional shares in the first quarter.
• Hesai Group recently received upgrades from analysts, including Morgan Stanley, which raised its price target from $23 to $26 and rated the stock as "overweight".
• The company reported quarterly earnings of ($0.02) per share, surpassing analyst expectations, despite revenue falling short at $72.39 million compared to expectations of $532.16 million.

Pinpoint Asset Management Ltd lifted its stake in Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 22,312.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,493 shares of the company's stock after purchasing an additional 97,058 shares during the quarter. Pinpoint Asset Management Ltd owned 0.07% of Hesai Group worth $1,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. grew its position in shares of Hesai Group by 138.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock worth $32,000 after buying an additional 1,249 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new position in shares of Hesai Group during the 1st quarter worth about $42,000. Renaissance Technologies LLC acquired a new position in shares of Hesai Group during the 4th quarter worth about $138,000. Sovereign Financial Group Inc. acquired a new position in shares of Hesai Group during the 1st quarter worth about $148,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Hesai Group in the 4th quarter valued at approximately $159,000. Institutional investors own 48.53% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on HSAI shares. 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 on the stock. Morgan Stanley upgraded Hesai Group from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $23.00 to $26.00 in a research note on Monday, July 28th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Hesai Group has a consensus rating of "Buy" and an average target price of $27.18.

Hesai Group Stock Down 3.1%

Shares of NASDAQ:HSAI traded down $0.71 during mid-day trading on Monday, hitting $21.93. 1,338,755 shares of the company traded hands, compared to its average volume of 4,270,391. The stock has a market cap of $2.88 billion, a P/E ratio of -732.50 and a beta of 1.12. The company has a current ratio of 4.06, a quick ratio of 3.62 and a debt-to-equity ratio of 0.09. Hesai Group Sponsored ADR has a 12-month low of $3.52 and a 12-month high of $24.65. The stock has a 50-day moving average price of $20.77 and a two-hundred day moving average price of $18.33.

Hesai Group (NASDAQ:HSAI - Get Free Report) last released its quarterly earnings data on Monday, May 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.11. Hesai Group had a positive return on equity of 1.00% and a negative net margin of 0.72%. The company had revenue of $72.39 million for the quarter, compared to analyst estimates of $532.16 million. On average, equities research analysts forecast that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current 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.