Hesai Group (NASDAQ:HSAI) Trading Down 5% - Here's Why

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) fell 5% during trading on Tuesday . The company traded as low as $20.77 and last traded at $20.85. 525,016 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 2,980,197 shares. The stock had previously closed at $21.95.

Wall Street Analysts Forecast Growth

HSAI has been the topic of a number of recent research reports. Jefferies Financial Group initiated coverage on Hesai Group in a research note on Monday, June 9th. They set a "buy" rating and a $29.30 price objective on the stock. Daiwa Capital Markets began coverage on shares of Hesai Group in a research report on Tuesday, March 11th. They set a "buy" rating and a $35.00 price target on the stock. Finally, Daiwa America raised shares of Hesai Group to a "strong-buy" rating in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Hesai Group presently has a consensus rating of "Buy" and a consensus target price of $24.43.

Hesai Group Stock Up 5.0%

The firm has a 50-day moving average of $19.22 and a two-hundred day moving average of $16.96. The company has a quick ratio of 3.62, a current ratio of 4.06 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $2.86 billion, a PE ratio of -725.83 and a beta of 1.14.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HSAI. SBI Securities Co. Ltd. boosted its stake in shares of Hesai Group by 138.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock valued at $32,000 after buying an additional 1,249 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new stake in Hesai Group in the first quarter valued at approximately $42,000. Russell Investments Group Ltd. purchased a new position in Hesai Group in the first quarter worth approximately $150,000. Renaissance Technologies LLC acquired a new position in Hesai Group during the 4th quarter worth approximately $138,000. Finally, Sovereign Financial Group Inc. acquired a new position in Hesai Group during the 1st quarter worth approximately $148,000. 48.53% of the stock is currently owned by hedge funds and other institutional investors.

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.