Hesai Group (NASDAQ:HSAI) Shares Gap Down - Time to Sell?

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s stock price gapped down prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

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

Hesai Group Stock Down 0.2%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.62 and a current ratio of 4.06. The stock's fifty day simple moving average is $18.60 and its 200-day simple moving average is $16.75. The stock has a market cap of $2.88 billion, a P/E ratio of -731.67 and a beta of 1.06.

Hesai Group (NASDAQ:HSAI - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $72.39 million during the quarter, compared to analysts' expectations of $532.16 million. Hesai Group had a positive return on equity of 1.00% and a negative net margin of 0.72%. As a group, research analysts forecast that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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