Hesai Group (NASDAQ:HSAI) Stock Price Down 4% - Time to Sell?

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) shares traded down 4% on Monday . The stock traded as low as $19.43 and last traded at $19.27. 1,716,291 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 4,658,674 shares. The stock had previously closed at $20.07.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on HSAI shares. Jefferies Financial Group assumed coverage on Hesai Group in a research report on Monday, June 9th. They set a "buy" rating and a $29.30 price target for the company. Daiwa America upgraded Hesai Group to a "strong-buy" rating in a report on Tuesday, March 11th. Finally, Daiwa Capital Markets assumed coverage on shares of Hesai Group in a report on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price target on the stock. 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $24.43.

Hesai Group Stock Performance

The stock has a 50 day simple moving average of $17.35 and a 200 day simple moving average of $16.16. 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 company has a market cap of $2.36 billion, a price-to-earnings ratio of -603.17 and a beta of 1.06.

Hesai Group (NASDAQ:HSAI - Get Free Report) last released its quarterly earnings results on Monday, May 26th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.11. Hesai Group had a positive return on equity of 1.00% and a negative net margin of 0.72%. The firm had revenue of $72.39 million for the quarter, compared to analyst estimates of $532.16 million. As a group, analysts predict that Hesai Group Sponsored ADR will post -0.14 EPS for the current year.

Institutional Investors Weigh In On Hesai Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. boosted its position in Hesai Group by 138.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock valued at $32,000 after buying 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 first quarter worth about $42,000. Russell Investments Group Ltd. purchased a new position in Hesai Group in the first quarter valued at about $150,000. Renaissance Technologies LLC acquired a new stake in Hesai Group during the 4th quarter valued at approximately $138,000. Finally, Sovereign Financial Group Inc. acquired a new stake in Hesai Group during the 1st quarter valued at approximately $148,000. Hedge funds and other institutional investors own 48.53% of the company's stock.

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.