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

Key Points

• Hesai Group shares fell sharply at the open, dropping from a prior close of $18.07 to $15.77 before recovering to $17.43, down 5.8% on the session.
• The company reported quarterly earnings of $0.01 per share, missing the $0.08 consensus estimate, although revenue of $126.7 million slightly exceeded expectations.
• Analysts maintain a consensus “Buy” rating with an average price target of $31.50, while institutional investors and hedge funds own 48.53% of the stock.

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $18.07, but opened at $15.77. Hesai Group shares last traded at $17.43, with a volume of 1,037,503 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on HSAI shares. Wall Street Zen raised shares of Hesai Group from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Weiss Ratings restated a "hold (c-)" rating on shares of Hesai Group in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Hesai Group presently has a consensus rating of "Buy" and an average price target of $31.50.

Hesai Group Stock Down 5.8%

The firm's 50-day moving average price is $16.85 and its 200-day moving average price is $20.84. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.97 and a quick ratio of 4.52. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 38.78, a price-to-earnings-growth ratio of 0.75 and a beta of 1.37.

Hesai Group (NASDAQ:HSAI - Get Free Report) last posted its earnings results on Friday, August 14th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.07). Hesai Group had a net margin of 14.75% and a return on equity of 6.03%. The business had revenue of $126.70 million for the quarter, compared to analyst estimates of $126.00 million. Sell-side analysts forecast that Hesai Group Sponsored ADR will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Bank Ltd. purchased a new stake in shares of Hesai Group in the second quarter worth about $1,650,641,000. Handelsbanken Fonder AB purchased a new stake in shares of Hesai Group during the 2nd quarter valued at about $456,000. Sapient Capital LLC acquired a new position in Hesai Group during the 1st quarter worth approximately $13,574,000. Liontrust Investment Partners LLP lifted its position in Hesai Group by 21.0% during the 1st quarter. Liontrust Investment Partners LLP now owns 164,684 shares of the company's stock worth $3,149,000 after acquiring an additional 28,548 shares in the last quarter. Finally, Empowered Funds LLC purchased a new position in Hesai Group in the 1st quarter worth approximately $11,185,000. Institutional investors and hedge funds own 48.53% of the company's stock.

Hesai Group Company Profile

Hesai Group is a technology company specializing in the development and production of advanced LiDAR (Light Detection and Ranging) sensors and perception software platforms for autonomous vehicles, robotics, industrial automation and mapping applications. The company’s core business centers on delivering high-performance, high-reliability LiDAR solutions designed to enable precise three-dimensional sensing and real-time environment perception. Hesai’s product lineup spans mechanical rotating LiDAR units, solid-state and MEMS-based sensors, as well as integrated software stacks for object detection, tracking and data fusion.

Founded in 2014 by a team of laser sensing and robotics researchers, Hesai built its reputation on improving range, resolution and reliability of LiDAR systems while driving down cost and size.

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