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

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in shares of Hesai Group during the first quarter valued at about $272,000. MY.Alpha Management HK Advisors Ltd bought a new position in shares of Hesai Group during the first quarter valued at $3,452,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Hesai Group by 19,000.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 22,921 shares of the company's stock worth $339,000 after purchasing an additional 22,801 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of Hesai Group in the first quarter worth $150,000. Finally, Independent Advisor Alliance acquired a new stake in Hesai Group in the first quarter valued at $2,890,000. Institutional investors own 48.53% of the company's stock.

Hesai Group Trading Down 11.0%

Shares of HSAI stock traded down $2.85 on Thursday, hitting $23.06. 5,616,236 shares of the company's stock traded hands, compared to its average volume of 3,013,243. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of 256.22 and a beta of 1.12. Hesai Group Sponsored ADR has a one year low of $3.56 and a one year high of $27.94. The company's fifty day simple moving average is $21.55 and its 200 day simple moving average is $18.84. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.62 and a current ratio of 3.18.

Hesai Group (NASDAQ:HSAI - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported $0.04 EPS for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $846.98 million. Equities analysts forecast that Hesai Group Sponsored ADR will post -0.14 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Hesai Group Company 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.