Hesai Group (NASDAQ:HSAI) Trading 6% Higher - Here's Why

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Daiwa Capital Markets assumed coverage on Hesai Group in a report on Tuesday, March 11th. They set a "buy" rating and a $35.00 price target for the company. Jefferies Financial Group began coverage on Hesai Group in a report on Monday, June 9th. They set a "buy" rating and a $29.30 price target for the company. Finally, Daiwa America raised Hesai Group to a "strong-buy" rating in a report on Tuesday, March 11th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Hesai Group currently has a consensus rating of "Buy" and a consensus target price of $24.43.

Hesai Group Trading Up 5.0%

The company has a quick ratio of 3.62, a current ratio of 4.06 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $19.35 and a 200 day simple moving average of $17.05. The company has a market cap of $2.86 billion, a price-to-earnings ratio of -725.83 and a beta of 1.14.

Hesai Group (NASDAQ:HSAI - Get Free Report) last released its quarterly 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. The business had revenue of $72.39 million during the quarter, compared to the consensus estimate of $532.16 million. Hesai Group had a positive return on equity of 1.00% and a negative net margin of 0.72%. On average, equities analysts anticipate that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC increased its position in Hesai Group by 2,217.8% during the 1st quarter. Acadian Asset Management LLC now owns 112,276 shares of the company's stock worth $1,656,000 after purchasing an additional 107,432 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Hesai Group by 345.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company's stock worth $18,346,000 after purchasing an additional 961,493 shares in the last quarter. Electron Capital Partners LLC purchased a new stake in Hesai Group during the 1st quarter worth about $946,000. Advisors Asset Management Inc. purchased a new stake in Hesai Group during the 1st quarter worth about $226,000. Finally, Nomura Holdings Inc. purchased a new stake in Hesai Group during the 1st quarter worth about $2,972,000. 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.