Hesai Group (NASDAQ:HSAI) Sets New 12-Month High After Analyst Upgrade

Key Points

• Hesai Group's shares reached a new 52-week high of $30.85 after Goldman Sachs raised its price target from $26.30 to $36.00, maintaining a buy rating on the stock.
• Analyst coverage is positive with multiple firms issuing buy ratings, while market data shows a consensus price target of $32.26.
• Despite positive stock ratings, Hesai Group reported disappointing earnings, missing the EPS estimate by $0.72, with a net margin of only 4.00%.

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s stock price reached a new 52-week high on Monday after The Goldman Sachs Group raised their price target on the stock from $26.30 to $36.00. The Goldman Sachs Group currently has a buy rating on the stock. Hesai Group traded as high as $30.85 and last traded at $30.08, with a volume of 1717523 shares changing hands. The stock had previously closed at $29.05.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley raised Hesai Group from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $23.00 to $26.00 in a research note on Monday, July 28th. UBS Group assumed coverage on Hesai Group in a research report on Tuesday, August 19th. They issued a "buy" rating and a $35.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on Hesai Group in a research report on Monday, June 9th. They set a "buy" rating and a $29.30 price objective for the company. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $32.26.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of HSAI. Citigroup Inc. increased its position in shares of Hesai Group by 1,258.8% during the 1st quarter. Citigroup Inc. now owns 2,774,536 shares of the company's stock valued at $41,063,000 after purchasing an additional 2,570,347 shares during the last quarter. Allianz Asset Management GmbH grew its stake in shares of Hesai Group by 78.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 2,010,276 shares of the company's stock valued at $44,126,000 after acquiring an additional 882,180 shares during the period. Vanguard Group Inc. bought a new position in shares of Hesai Group in the first quarter worth approximately $25,997,000. Goldman Sachs Group Inc. increased its stake in shares of Hesai Group by 345.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company's stock worth $18,346,000 after purchasing an additional 961,493 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Hesai Group by 14.2% during the 2nd quarter. Bank of America Corp DE now owns 1,208,332 shares of the company's stock valued at $26,523,000 after purchasing an additional 150,022 shares during the period. Institutional investors own 48.53% of the company's stock.

Hesai Group Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.79 and a current ratio of 3.18. The firm's fifty day moving average is $24.36 and its two-hundred day moving average is $20.39. The company has a market cap of $3.90 billion, a P/E ratio of 330.11 and a beta of 1.13.

Hesai Group (NASDAQ:HSAI - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.76 by ($0.72). Hesai Group had a return on equity of 3.11% and a net margin of 4.00%.The business had revenue of $98.61 million during the quarter, compared to the consensus estimate of $846.98 million. As a group, analysts anticipate that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current fiscal year.

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.