Jump Financial LLC Sells 296,661 Shares of Hesai Group Sponsored ADR $HSAI

Key Points

• Jump Financial LLC reduced its stake in Hesai Group Sponsored ADR by 58.8%, selling 296,661 shares and leaving them with 208,141 shares valued at approximately $3.08 million.
• A variety of hedge funds, including Citigroup Inc. and Vanguard Group Inc., have significantly increased their stakes in Hesai Group, contributing to institutional investors owning 48.53% of the company’s stock.
• Hesai Group's stock currently holds a consensus "Buy" rating from analysts, with a price target averaging $28.74, despite recent disappointing earnings results.

Jump Financial LLC cut its position in Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 58.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 208,141 shares of the company's stock after selling 296,661 shares during the quarter. Jump Financial LLC owned approximately 0.16% of Hesai Group worth $3,080,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lightspeed Management Company L.L.C. acquired a new stake in Hesai Group in the 4th quarter worth $110,560,000. Citigroup Inc. grew its position in Hesai Group by 1,258.8% in the 1st quarter. Citigroup Inc. now owns 2,774,536 shares of the company's stock worth $41,063,000 after purchasing an additional 2,570,347 shares during the last quarter. Vanguard Group Inc. acquired a new stake in Hesai Group in the 1st quarter worth $25,997,000. Allianz Asset Management GmbH acquired a new stake in Hesai Group in the 1st quarter worth $16,696,000. Finally, Millennium Management LLC acquired a new stake in Hesai Group in the 4th quarter worth $14,736,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

Hesai Group Price Performance

Shares of Hesai Group stock traded down $1.06 during trading on Friday, hitting $25.77. 2,006,322 shares of the company's stock traded hands, compared to its average volume of 3,314,967. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.18 and a quick ratio of 2.79. The firm's fifty day moving average price is $22.36 and its 200 day moving average price is $19.21. Hesai Group Sponsored ADR has a twelve month low of $3.56 and a twelve month high of $27.94. The company has a market cap of $3.38 billion, a PE ratio of 286.33 and a beta of 1.12.

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

Analyst Ratings Changes

Several analysts have issued reports on the stock. UBS Group assumed coverage on shares of Hesai Group in a research report on Tuesday, August 19th. They issued a "buy" rating and a $35.00 price target on the stock. Morgan Stanley upgraded shares of Hesai Group from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $23.00 to $26.00 in a research report on Monday, July 28th. Finally, Jefferies Financial Group assumed coverage on shares of Hesai Group in a research report on Monday, June 9th. They issued a "buy" rating and a $29.30 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to data from MarketBeat, Hesai Group presently has an average rating of "Buy" and an average target price of $28.74.

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.