WT Asset Management Ltd Purchases New Stake in Hesai Group Sponsored ADR $HSAI

WT Asset Management Ltd bought a new position in Hesai Group Sponsored ADR (NASDAQ:HSAI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 346,389 shares of the company's stock, valued at approximately $7,603,000. Hesai Group comprises about 0.5% of WT Asset Management Ltd's investment portfolio, making the stock its 19th largest holding. WT Asset Management Ltd owned about 0.26% of Hesai Group at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of HSAI. Citigroup Inc. increased 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 position in shares of Hesai Group during the 1st quarter valued at about $25,997,000. Allianz Asset Management GmbH acquired a new position in shares of Hesai Group during the 1st quarter valued at about $16,696,000. Goldman Sachs Group Inc. increased its holdings in shares of Hesai Group by 345.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company's stock valued at $18,346,000 after acquiring an additional 961,493 shares during the last quarter. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new position in shares of Hesai Group during the 1st quarter valued at about $11,079,000. 48.53% of the stock is owned by institutional investors and hedge funds.

Hesai Group Price Performance

Shares of NASDAQ:HSAI opened at $27.35 on Friday. The business has a 50 day moving average price of $25.61 and a 200 day moving average price of $20.87. Hesai Group Sponsored ADR has a twelve month low of $4.02 and a twelve month high of $30.85. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 303.89 and a beta of 1.15. The company has a quick ratio of 2.79, a current ratio of 3.18 and a debt-to-equity ratio of 0.06.

Hesai Group (NASDAQ:HSAI - Get Free Report) last announced 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 the consensus estimate of $846.98 million. Research analysts predict that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. UBS Group assumed coverage on Hesai Group in a report on Tuesday, August 19th. They set a "buy" rating and a $35.00 price objective on the stock. 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. Jefferies Financial Group assumed coverage on Hesai Group in a report on Monday, June 9th. They set a "buy" rating and a $29.30 price objective on the stock. Weiss Ratings reissued a "hold (c-)" rating on shares of Hesai Group in a report on Saturday, September 27th. Finally, Morgan Stanley raised 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 report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $32.26.

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.

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