Pinpoint Asset Management Ltd Boosts Holdings in 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 grew its holdings in Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 22,312.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 97,493 shares of the company's stock after acquiring an additional 97,058 shares during the period. Pinpoint Asset Management Ltd owned about 0.07% of Hesai Group worth $1,443,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. SBI Securities Co. Ltd. raised its position in Hesai Group by 138.6% during the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock worth $32,000 after acquiring an additional 1,249 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new position in Hesai Group during the first quarter worth $42,000. Renaissance Technologies LLC acquired a new position in Hesai Group during the fourth quarter worth $138,000. Sovereign Financial Group Inc. acquired a new position in Hesai Group during the first quarter worth $148,000. Finally, Hsbc Holdings PLC acquired a new position in Hesai Group during the fourth quarter worth $159,000. 48.53% of the stock is owned by hedge funds and other institutional investors.

Hesai Group Trading Up 1.5%

Hesai Group stock traded up $0.34 during midday trading on Friday, hitting $22.63. 1,465,880 shares of the stock were exchanged, compared to its average volume of 3,083,296. Hesai Group Sponsored ADR has a fifty-two week low of $3.52 and a fifty-two week high of $24.65. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of -754.33 and a beta of 1.12. The stock's 50-day simple moving average is $20.77 and its 200 day simple moving average is $18.30. 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 (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, topping the consensus estimate of ($0.13) by $0.11. Hesai Group had a negative net margin of 0.72% and a positive return on equity of 1.00%. The firm had revenue of $72.39 million during the quarter, compared to analysts' expectations of $532.16 million. On average, equities analysts anticipate that Hesai Group Sponsored ADR will post -0.14 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on HSAI. Jefferies Financial Group began coverage on shares of Hesai Group in a research report on Monday, June 9th. They issued a "buy" rating and a $29.30 target price for the company. Morgan Stanley upgraded shares of Hesai Group from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $23.00 to $26.00 in a research report on Monday, July 28th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target 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.