Hesai Group (NASDAQ:HSAI) Stock Price Down 8.8% - Should You Sell?

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) shares fell 8.8% on Wednesday . The company traded as low as $19.28 and last traded at $18.95. 775,632 shares changed hands during trading, a decline of 73% from the average session volume of 2,902,344 shares. The stock had previously closed at $20.78.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Daiwa Capital Markets started coverage on shares of Hesai Group in a report on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price objective on the stock. Jefferies Financial Group began coverage on Hesai Group in a research note on Monday, June 9th. They issued a "buy" rating and a $29.30 price target on the stock. Finally, Daiwa America upgraded Hesai Group to a "strong-buy" rating in a research report on Tuesday, March 11th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $24.43.

Hesai Group Trading Down 4.8%

The company has a market capitalization of $2.89 billion, a P/E ratio of -733.33 and a beta of 1.06. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.06 and a quick ratio of 3.62. The business's 50-day moving average price is $18.60 and its two-hundred day moving average price is $16.67.

Hesai Group (NASDAQ:HSAI - Get Free Report) last posted its earnings results 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. 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 for 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 fiscal year.

Institutional Trading of Hesai Group

Several hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC lifted its stake in Hesai Group by 2,217.8% in the first quarter. Acadian Asset Management LLC now owns 112,276 shares of the company's stock valued at $1,656,000 after buying an additional 107,432 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Hesai Group by 345.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company's stock valued at $18,346,000 after buying an additional 961,493 shares in the last quarter. Electron Capital Partners LLC bought a new position in Hesai Group in the first quarter valued at approximately $946,000. Advisors Asset Management Inc. bought a new position in Hesai Group in the first quarter valued at approximately $226,000. Finally, Nomura Holdings Inc. acquired a new stake in shares of Hesai Group in the 1st quarter valued at about $2,972,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

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.