Hesai Group Sponsored ADR (NASDAQ:HSAI) Stake Raised by Caitong International Asset Management Co. Ltd

Key Points

• Caitong International Asset Management Co. Ltd significantly increased its stake in Hesai Group by 19,000.8% during the first quarter, holding 22,921 shares worth approximately $339,000.
• Wall Street analysts have rated Hesai Group positively, with Morgan Stanley upgrading it to "overweight" and raising the target price to $26, while the stock has an average rating of "Buy" and an average target price of $27.18.
• Despite a positive earnings surprise, Hesai Group's revenue for the last quarter was significantly below analysts' expectations, reporting $72.39 million against estimates of $532.16 million.

Caitong International Asset Management Co. Ltd raised its holdings in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 19,000.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,921 shares of the company's stock after acquiring an additional 22,801 shares during the quarter. Caitong International Asset Management Co. Ltd's holdings in Hesai Group were worth $339,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. SBI Securities Co. Ltd. grew its stake in shares of Hesai Group by 138.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock valued at $32,000 after buying an additional 1,249 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in Hesai Group during the first quarter worth approximately $42,000. Russell Investments Group Ltd. bought a new stake in shares of Hesai Group in the first quarter valued at approximately $150,000. Renaissance Technologies LLC bought a new stake in shares of Hesai Group in the fourth quarter valued at approximately $138,000. Finally, Sovereign Financial Group Inc. bought a new stake in shares of Hesai Group in the first quarter valued at approximately $148,000. Hedge funds and other institutional investors own 48.53% of the company's stock.

Wall Street Analysts Forecast Growth

HSAI has been the subject of a number of recent research reports. Morgan Stanley upgraded Hesai Group from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $23.00 to $26.00 in a research note on Monday, July 28th. Jefferies Financial Group initiated coverage on Hesai Group in a research note on Monday, June 9th. They set a "buy" rating and a $29.30 price objective for the company. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $27.18.

Hesai Group Price Performance

Hesai Group stock opened at $22.79 on Wednesday. The company has a quick ratio of 3.62, a current ratio of 4.06 and a debt-to-equity ratio of 0.09. Hesai Group Sponsored ADR has a 12-month low of $3.56 and a 12-month high of $24.65. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -759.67 and a beta of 1.12. The business's 50-day simple moving average is $20.90 and its 200 day simple moving average is $18.40.

Hesai Group (NASDAQ:HSAI - Get Free Report) last posted its quarterly earnings results on Monday, May 26th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. The firm had revenue of $72.39 million for the quarter, compared to analyst estimates of $532.16 million. Hesai Group had a positive return on equity of 1.00% and a negative net margin of 0.72%. As a group, research analysts anticipate 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.

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