Hesai Group (NASDAQ:HSAI) Posts Quarterly Earnings Results, Misses Expectations By $0.72 EPS

Key Points

• Hesai Group reported earnings of $0.04 per share, significantly missing estimates by $0.72 and falling short of the revenue projection of $846.98 million with actual revenue of $98.61 million.
• The company witnessed notable interest from institutional investors, with hedge funds boosting their positions in the stock, leading to 48.53% institutional ownership.
• Several analysts have rated the stock as a "buy," with price targets reflecting a potential upside, including Jefferies Financial Group's target of $29.30.

Hesai Group (NASDAQ:HSAI - Get Free Report) posted its quarterly earnings data on Thursday, August 14th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.72), Zacks reports. 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%.

Hesai Group Stock Performance

Shares of HSAI stock traded down $2.85 during mid-day trading on Thursday, hitting $23.06. 5,616,236 shares of the stock were exchanged, compared to its average volume of 3,013,243. The stock's fifty day simple moving average is $21.55 and its two-hundred day simple moving average is $18.84. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.62 and a current ratio of 3.18. Hesai Group has a 12-month low of $3.56 and a 12-month high of $27.94. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of 215.92 and a beta of 1.12.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group began coverage on shares of Hesai Group in a research report on Monday, June 9th. They issued a "buy" rating and a $29.30 target price for the company. UBS Group started coverage on shares of Hesai Group in a research report on Tuesday. They set a "buy" rating and a $35.00 price target for the company. Finally, Morgan Stanley raised shares of Hesai Group from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $23.00 to $26.00 in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $28.74.

Institutional Trading of Hesai Group

A number of large investors have recently made changes to their positions in the company. Vident Advisory LLC acquired a new position in Hesai Group during the second quarter worth approximately $279,000. Balyasny Asset Management L.P. acquired a new stake in shares of Hesai Group in the second quarter valued at approximately $5,231,000. Bank of America Corp DE grew its position in shares of Hesai Group by 14.2% during the second quarter. Bank of America Corp DE now owns 1,208,332 shares of the company's stock worth $26,523,000 after acquiring an additional 150,022 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of Hesai Group in the 2nd quarter valued at $4,521,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Hesai Group by 24.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,151,586 shares of the company's stock valued at $25,277,000 after acquiring an additional 224,381 shares during the period. 48.53% of the stock is owned by institutional investors and hedge funds.

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.