Mirae Asset Global Investments Co. Ltd. Has $6.11 Million Stock Position in Hesai Group Sponsored ADR (NASDAQ:HSAI)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 2,611.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 413,041 shares of the company's stock after acquiring an additional 397,805 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.31% of Hesai Group worth $6,113,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Perpetual Ltd acquired a new stake in Hesai Group during the first quarter worth approximately $374,000. Robeco Institutional Asset Management B.V. acquired a new stake in Hesai Group during the 1st quarter worth approximately $2,782,000. SG Americas Securities LLC bought a new stake in Hesai Group in the 1st quarter valued at $338,000. Sovereign Financial Group Inc. acquired a new position in Hesai Group in the 1st quarter valued at $148,000. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in Hesai Group in the 1st quarter valued at $42,000. Institutional investors and hedge funds own 48.53% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HSAI. Daiwa America raised shares of Hesai Group to a "strong-buy" rating in a research report on Tuesday, March 11th. Jefferies Financial Group assumed coverage on shares of Hesai Group in a research note on Monday, June 9th. They issued a "buy" rating and a $29.30 price objective for the company. Finally, Daiwa Capital Markets initiated coverage on shares of Hesai Group in a report on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price objective for the company. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Hesai Group has an average rating of "Buy" and a consensus target price of $24.43.

Hesai Group Price Performance

NASDAQ HSAI traded up $0.06 during midday trading on Wednesday, hitting $20.73. The company had a trading volume of 1,917,156 shares, compared to its average volume of 2,991,888. The firm has a 50-day moving average price of $18.96 and a 200-day moving average price of $16.85. The company has a market capitalization of $2.72 billion, a PE ratio of -691.00 and a beta of 1.14. 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 Sponsored ADR has a twelve month low of $3.52 and a twelve month high of $24.18.

Hesai Group (NASDAQ:HSAI - Get Free Report) last posted its quarterly earnings results on Monday, May 26th. The company reported ($0.02) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.11. Hesai Group had a positive return on equity of 1.00% and a negative net margin of 0.72%. The business had revenue of $72.39 million during the quarter, compared to the consensus estimate of $532.16 million. As a group, analysts anticipate that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current fiscal year.

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.