HITE Hedge Asset Management LLC Takes $840,000 Position in Hesai Group Sponsored ADR $HSAI

Key Points

• HITE Hedge Asset Management LLC acquired 56,740 shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) valued at approximately $840,000 in the 1st quarter.
• Hesai Group reported $0.04 earnings per share for the last quarter, significantly missing analysts' estimates of $0.76, with total revenue of $98.61 million compared to expectations of $846.98 million.
• Equities analysts generally have a positive outlook on Hesai Group, with an average target price of $27.18 and multiple analysts upgrading their ratings on the stock.

HITE Hedge Asset Management LLC acquired a new position in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 56,740 shares of the company's stock, valued at approximately $840,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. SBI Securities Co. Ltd. boosted its stake in Hesai Group by 138.6% in the first 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 in the last quarter. JTC Employer Solutions Trustee Ltd purchased a new stake in Hesai Group in the first quarter worth approximately $42,000. Russell Investments Group Ltd. purchased a new stake in Hesai Group in the first quarter worth approximately $150,000. Renaissance Technologies LLC purchased a new stake in Hesai Group in the fourth quarter worth approximately $138,000. Finally, Sovereign Financial Group Inc. purchased a new stake in Hesai Group in the first quarter worth approximately $148,000. Hedge funds and other institutional investors own 48.53% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on HSAI shares. UBS Group started coverage on Hesai Group in a research note on Tuesday, August 19th. They issued 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 investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat.com, Hesai Group has a consensus rating of "Buy" and a consensus target price of $28.74.

Hesai Group Trading Up 0.9%

Shares of NASDAQ:HSAI traded up $0.20 during trading on Friday, reaching $23.26. 4,369,090 shares of the company traded hands, compared to its average volume of 3,381,595. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 258.44 and a beta of 1.12. Hesai Group Sponsored ADR has a 52-week low of $3.56 and a 52-week high of $27.94. The company has a current ratio of 3.18, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06. The business's fifty day moving average is $21.62 and its 200-day moving average is $18.95.

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