Mirae Asset Global Investments Co. Ltd. Reduces Stock Holdings in Hesai Group Sponsored ADR $HSAI

Key Points

• Mirae Asset Global Investments reduced its stake in Hesai Group by 78% in Q2, maintaining 90,698 shares valued at approximately $1.99 million.
• Despite the reduction by Mirae, several other investors, including SBI Securities and Russell Investments, have increased their investments in Hesai Group during the same period.
• Hesai Group's recent earnings report showed a missed EPS estimate of $0.04 against a consensus of $0.76, with revenues at $98.61 million, significantly lower than the expected $846.98 million.

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) by 78.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,698 shares of the company's stock after selling 322,343 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.07% of Hesai Group worth $1,991,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. SBI Securities Co. Ltd. boosted its stake in shares of Hesai Group by 138.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock worth $32,000 after purchasing an additional 1,249 shares during the period. Russell Investments Group Ltd. purchased a new stake in Hesai Group in the 1st quarter valued at about $150,000. Advisors Asset Management Inc. purchased a new stake in Hesai Group in the 1st quarter valued at about $226,000. Quantbot Technologies LP purchased a new stake in shares of Hesai Group in the 1st quarter worth $272,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Hesai Group in the 1st quarter worth approximately $338,000. 48.53% of the stock is owned by hedge funds and other institutional investors.

Hesai Group Stock Performance

NASDAQ HSAI opened at $26.87 on Thursday. The stock has a 50-day simple moving average of $26.00 and a two-hundred day simple moving average of $21.02. The firm has a market capitalization of $3.52 billion, a P/E ratio of 298.56 and a beta of 1.15. Hesai Group Sponsored ADR has a fifty-two week low of $4.02 and a fifty-two week high of $30.85. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.79 and a current ratio of 3.18.

Hesai Group (NASDAQ:HSAI - Get Free Report) last announced its quarterly 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). 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%. On average, equities analysts forecast that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on HSAI shares. The Goldman Sachs Group increased their price objective on Hesai Group from $26.30 to $36.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Weiss Ratings reiterated a "hold (c-)" rating on shares of Hesai Group in a research note on Wednesday. Morgan Stanley raised shares of Hesai Group from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $23.00 to $26.00 in a research report on Monday, July 28th. Finally, 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 objective for the company. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $32.26.

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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