Navellier & Associates Inc. Takes Position in Hesai Group Sponsored ADR (NASDAQ:HSAI)

Key Points

• Navellier & Associates Inc. acquired a new stake in Hesai Group Sponsored ADR, purchasing 63,518 shares valued at approximately $940,000 during the 1st quarter.
• Hesai Group received a buy rating from Jefferies Financial Group, setting a price objective of $29.30 amidst several institutional investments boosting its stock ownership to 48.53%.
• In its most recent earnings report, Hesai Group reported a revenue of $72.39 million, significantly under analysts' expectations of $532.16 million, and projected an EPS of -0.14 for the current year.

Navellier & Associates Inc. acquired a new position in shares of 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 institutional investor acquired 63,518 shares of the company's stock, valued at approximately $940,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. SBI Securities Co. Ltd. raised its position in Hesai Group by 138.6% in the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock valued at $32,000 after purchasing an additional 1,249 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in Hesai Group in the first quarter valued at about $42,000. Renaissance Technologies LLC acquired a new stake in shares of Hesai Group in the fourth quarter valued at about $138,000. Sovereign Financial Group Inc. acquired a new stake in shares of Hesai Group in the first quarter valued at about $148,000. Finally, Hsbc Holdings PLC acquired a new stake in Hesai Group during the fourth quarter worth approximately $159,000. 48.53% of the stock is currently owned by institutional investors.

Hesai Group Trading Down 4.7%

HSAI traded down $0.95 during midday trading on Wednesday, reaching $19.46. 2,736,285 shares of the company's stock traded hands, compared to its average volume of 4,360,866. The firm has a fifty day moving average of $20.82 and a two-hundred day moving average of $18.01. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of -649.50 and a beta of 1.14. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.06 and a quick ratio of 3.62. Hesai Group Sponsored ADR has a 52 week low of $3.52 and a 52 week high of $24.65.

Hesai Group (NASDAQ:HSAI - Get Free Report) last announced its earnings results on Monday, May 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $72.39 million during the quarter, compared to analyst estimates of $532.16 million. On average, equities analysts anticipate that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Jefferies Financial Group started coverage on Hesai Group in a research report on Monday, June 9th. They set a "buy" rating and a $29.30 target price on the stock. Morgan Stanley upgraded Hesai Group from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $23.00 to $26.00 in a report on Monday. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Hesai Group presently has a consensus rating of "Buy" and a consensus price target of $27.18.

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.