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

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $23.10, but opened at $21.80. Hesai Group shares last traded at $21.07, with a volume of 3,209,379 shares.

Analysts Set New Price Targets

HSAI has been the subject of several research reports. Jefferies Financial Group started coverage on Hesai Group in a research report on Monday, June 9th. They set a "buy" rating and a $29.30 target price on the stock. Daiwa America upgraded Hesai Group to a "strong-buy" rating in a research report on Tuesday, March 11th. Finally, Daiwa Capital Markets assumed coverage on Hesai Group in a report on Tuesday, March 11th. They set a "buy" rating and a $35.00 target price on the stock. One investment analyst has rated the stock with a hold rating, three have assigned 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 a consensus target price of $24.43.

Hesai Group Trading Down 8.1%

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 stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of -709.67 and a beta of 1.06. The business has a 50 day simple moving average of $18.38 and a 200-day simple moving average of $16.60.

Hesai Group (NASDAQ:HSAI - Get Free Report) last released its earnings results on Monday, May 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping 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 business had revenue of $72.39 million for the quarter, compared to analysts' expectations of $532.16 million. On average, equities analysts predict that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lightspeed Management Company L.L.C. acquired a new position in shares of Hesai Group in the 4th quarter valued at about $110,560,000. Robert Bosch GmbH purchased a new stake in shares of Hesai Group in the fourth quarter worth about $105,768,000. Citigroup Inc. boosted its position in shares of Hesai Group by 1,258.8% in the first quarter. Citigroup Inc. now owns 2,774,536 shares of the company's stock worth $41,063,000 after buying an additional 2,570,347 shares during the period. Vanguard Group Inc. acquired a new stake in shares of Hesai Group in the first quarter valued at about $25,997,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Hesai Group by 345.7% during the 1st 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 during the period. Institutional investors and hedge funds own 48.53% of the company's stock.

Hesai Group Company Profile

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.

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