Hesai Group (NASDAQ:HSAI) Shares Down 8.8% - Here's Why

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HSAI shares. Daiwa America upgraded Hesai Group to a "strong-buy" rating in a research note on Tuesday, March 11th. Jefferies Financial Group started coverage on shares of Hesai Group in a report on Monday, June 9th. They issued a "buy" rating and a $29.30 price objective for the company. Finally, Daiwa Capital Markets started coverage on Hesai Group in a report on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price objective for the company. One investment 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $24.43.

Hesai Group Stock Performance

The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of -650.83 and a beta of 1.06. The company has a 50 day simple moving average of $17.97 and a 200-day simple moving average of $16.50. The company has a quick ratio of 3.62, a current ratio of 4.06 and a debt-to-equity ratio of 0.09.

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

Institutional Investors Weigh In On Hesai Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Fox Run Management L.L.C. acquired a new position in Hesai Group during the 4th quarter valued at about $177,000. JPMorgan Chase & Co. bought a new position in shares of Hesai Group in the fourth quarter valued at approximately $1,494,000. Geode Capital Management LLC boosted its position in shares of Hesai Group by 366.0% during the fourth quarter. Geode Capital Management LLC now owns 47,700 shares of the company's stock valued at $659,000 after buying an additional 37,464 shares during the last quarter. Trexquant Investment LP bought a new stake in Hesai Group during the fourth quarter worth $1,667,000. Finally, Landscape Capital Management L.L.C. bought a new position in Hesai Group during the 4th quarter valued at $168,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.