Hesai Group (NASDAQ:HSAI) Stock Rating Upgraded by Morgan Stanley

Key Points

• Morgan Stanley upgraded Hesai Group's stock from "equal weight" to "overweight" with a new price target of $26.00, indicating a potential upside of 22.07%.
• Jefferies Financial Group also initiated coverage with a "buy" rating and a price objective of $29.30, contributing to a consensus rating of "Buy" among analysts.
• The company's recent quarterly earnings report showed a revenue of $72.39 million, beating expectations, while also having a negative net margin of -0.72%.

Hesai Group (NASDAQ:HSAI - Get Free Report) was upgraded by equities researchers at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a research note issued to investors on Monday, Marketbeat.com reports. The firm presently has a $26.00 price target on the stock, up from their previous price target of $23.00. Morgan Stanley's target price indicates a potential upside of 37.49% from the stock's previous close.

Separately, Jefferies Financial Group began coverage on shares of Hesai Group in a report on Monday, June 9th. They issued a "buy" rating and a $29.30 price target for the company. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $27.18.

Hesai Group Price Performance

HSAI stock traded down $0.22 during trading on Monday, hitting $18.91. The company had a trading volume of 4,158,248 shares, compared to its average volume of 4,373,158. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of -630.33 and a beta of 1.14. The business has a 50 day moving average of $20.78 and a 200 day moving average of $18.01. Hesai Group has a fifty-two week low of $3.52 and a fifty-two week high of $24.65. The company has a current ratio of 4.06, a quick ratio of 3.62 and a debt-to-equity ratio of 0.09.

Hesai Group (NASDAQ:HSAI - Get Free Report) last posted its quarterly earnings data on Monday, May 26th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. The business had revenue of $72.39 million during the quarter, compared to the consensus estimate of $532.16 million. Hesai Group had a negative net margin of 0.72% and a positive return on equity of 1.00%. As a group, research analysts predict that Hesai Group will post -0.14 earnings per share for the current year.

Institutional Trading of Hesai Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in Hesai Group during the 1st quarter worth about $338,000. China Universal Asset Management Co. Ltd. boosted its position in Hesai Group by 43.2% during the first quarter. China Universal Asset Management Co. Ltd. now owns 63,000 shares of the company's stock worth $932,000 after purchasing an additional 19,000 shares during the period. Lightspeed Management Company L.L.C. bought a new stake in shares of Hesai Group in the fourth quarter valued at approximately $110,560,000. JPMorgan Chase & Co. bought a new stake in shares of Hesai Group in the fourth quarter valued at approximately $1,494,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of Hesai Group in the fourth quarter valued at approximately $1,000,000. Institutional investors and hedge funds own 48.53% of the company's stock.

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.