Hesai Group (NASDAQ:HSAI) Trading Down 7.8% - Here's What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) fell 7.8% on Wednesday . The stock traded as low as $21.90 and last traded at $22.22. 1,736,350 shares were traded during mid-day trading, a decline of 61% from the average session volume of 4,453,829 shares. The stock had previously closed at $24.10.

Analysts Set New Price Targets

Separately, Jefferies Financial Group started 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. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $24.43.

Hesai Group Price Performance

The company has a current ratio of 4.06, a quick ratio of 3.62 and a debt-to-equity ratio of 0.09. The firm has a market cap of $2.63 billion, a P/E ratio of -668.67 and a beta of 1.14. The firm has a 50-day simple moving average of $20.22 and a 200-day simple moving average of $17.58.

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

Hedge Funds Weigh In On Hesai Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. increased its holdings in Hesai Group by 138.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock worth $32,000 after buying an additional 1,249 shares during the period. JTC Employer Solutions Trustee Ltd purchased a new position in shares of Hesai Group during the 1st quarter valued at about $42,000. Russell Investments Group Ltd. purchased a new position in shares of Hesai Group during the 1st quarter valued at about $150,000. Renaissance Technologies LLC purchased a new position in shares of Hesai Group during the 4th quarter valued at about $138,000. Finally, Sovereign Financial Group Inc. purchased a new position in shares of Hesai Group during the 1st quarter valued at about $148,000. Hedge funds and other institutional investors 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.