Hesai Group (NASDAQ:HSAI) Shares Up 6% - Time to Buy?

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) shares shot up 6% during mid-day trading on Thursday . The stock traded as high as $22.42 and last traded at $21.97. 1,699,561 shares were traded during mid-day trading, a decline of 43% from the average session volume of 2,998,571 shares. The stock had previously closed at $20.73.

Wall Street Analyst Weigh In

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

Hesai Group Price Performance

The stock has a market cap of $2.86 billion, a price-to-earnings ratio of -727.67 and a beta of 1.14. The company's 50-day moving average is $19.08 and its 200-day moving average is $16.88. 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 data on Monday, May 26th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.11. The company had revenue of $72.39 million for the quarter, compared to analyst estimates of $532.16 million. Hesai Group had a positive return on equity of 1.00% and a negative net margin of 0.72%. Equities research analysts expect that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

Several institutional investors and hedge funds have recently made changes to their positions in HSAI. SG Americas Securities LLC bought a new stake in shares of Hesai Group during the first quarter worth $338,000. Lightspeed Management Company L.L.C. bought a new position in Hesai Group during the fourth quarter valued at $110,560,000. JPMorgan Chase & Co. purchased a new stake in Hesai Group in the fourth quarter worth $1,494,000. BNP Paribas Financial Markets purchased a new position in shares of Hesai Group during the 4th quarter valued at $1,000,000. Finally, Bank of America Corp DE increased its holdings in Hesai Group by 2,015.6% in the 4th quarter. Bank of America Corp DE now owns 166,458 shares of the company's stock worth $2,300,000 after acquiring an additional 158,590 shares during the last quarter. 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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