Hesai Group (NASDAQ:HSAI) Trading 7.2% Higher - Time to Buy?

Key Points

• Hesai Group's share price increased by 7.2%, closing at $27.43 following a previous close of $25.59, despite a significant decline in trading volume.
• Analysts are optimistic about Hesai Group, with Morgan Stanley upgrading their rating and setting a target price of $26, alongside a consensus "Buy" rating from four analysts.
• The company reported earnings of $0.04 per share, which was substantially below the consensus estimate of $0.76, raising concerns about its financial performance.

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) shot up 7.2% on Monday . The company traded as high as $26.94 and last traded at $27.43. 474,768 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,245,407 shares. The stock had previously closed at $25.59.

Analyst Ratings Changes

A number of research firms have weighed in on HSAI. Morgan Stanley raised Hesai Group from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $23.00 to $26.00 in a report on Monday, July 28th. UBS Group began coverage on Hesai Group in a research note on Tuesday. They issued a "buy" rating and a $35.00 price objective on the stock. Finally, Jefferies Financial Group began coverage on Hesai Group in a research note on Monday, June 9th. They issued a "buy" rating and a $29.30 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat, Hesai Group has an average rating of "Buy" and an average price target of $28.74.

Hesai Group Price Performance

The firm has a 50 day moving average of $21.62 and a 200-day moving average of $18.90. The company has a market cap of $3.05 billion, a P/E ratio of 258.44 and a beta of 1.12. The company has a current ratio of 3.18, a quick ratio of 3.62 and a debt-to-equity ratio of 0.06.

Hesai Group (NASDAQ:HSAI - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.72). The business had revenue of $98.61 million for the quarter, compared to the consensus estimate of $846.98 million. Hesai Group had a net margin of 4.00% and a return on equity of 3.11%. On average, equities research analysts predict that Hesai Group Sponsored ADR will post -0.14 EPS for the current year.

Institutional Trading of Hesai Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vident Advisory LLC bought a new stake in Hesai Group during the 2nd quarter valued at approximately $279,000. Eschler Asset Management LLP purchased a new position in Hesai Group during the 2nd quarter valued at approximately $4,423,000. Balyasny Asset Management L.P. purchased a new position in Hesai Group during the 2nd quarter valued at approximately $5,231,000. Bank of America Corp DE grew its holdings in Hesai Group by 14.2% during the 2nd quarter. Bank of America Corp DE now owns 1,208,332 shares of the company's stock valued at $26,523,000 after buying an additional 150,022 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in Hesai Group during the 2nd quarter valued at approximately $4,521,000. Institutional investors 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.