Hesai Group (NASDAQ:HSAI) Hits New 1-Year High - What's Next?

Key Points

• Hesai Group's stock reached a new 52-week high of $27.77, closing at $27.02 with significant trading volume of over 4.5 million shares.
• Equities analysts have a positive outlook on the stock, with Morgan Stanley upgrading it to "overweight" and a consensus average price target of $27.18.
• Hesai Group reported quarterly earnings of $0.04 per share and revenue of $98.61 million, with 48.53% ownership by institutional investors indicating strong market interest.

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $27.77 and last traded at $27.02, with a volume of 4550778 shares. The stock had previously closed at $23.32.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Jefferies Financial Group assumed coverage on Hesai Group in a research note on Monday, June 9th. They issued a "buy" rating and a $29.30 price objective on the stock. Morgan Stanley raised Hesai Group from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $23.00 to $26.00 in a research note on Monday, July 28th. Finally, UBS Group assumed coverage on Hesai Group in a research note on Tuesday. They issued a "buy" rating and a $35.00 price objective on the stock. One investment 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, Hesai Group has an average rating of "Buy" and an average target price of $28.74.

Hesai Group Price Performance

The firm has a market capitalization of $3.40 billion, a P/E ratio of 287.89 and a beta of 1.12. The stock's 50 day simple moving average is $21.51 and its 200 day simple moving average is $18.79. 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 (NASDAQ:HSAI - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.76 by ($0.72). The firm had revenue of $98.61 million during 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%. As a group, analysts expect that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of Hesai Group

A number of hedge funds have recently added to or reduced their stakes in the business. Vident Advisory LLC bought a new stake in shares of Hesai Group in the 2nd quarter valued at about $279,000. Eschler Asset Management LLP bought a new stake in Hesai Group during the 2nd quarter valued at $4,423,000. Balyasny Asset Management L.P. purchased a new position in shares of Hesai Group in the 2nd quarter valued at $5,231,000. Bank of America Corp DE raised its position in shares of Hesai Group by 14.2% in the 2nd 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 in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in shares of Hesai Group during the 2nd quarter worth $4,521,000. 48.53% of the stock is owned by hedge funds and other institutional investors.

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.