Hesai Group (NASDAQ:HSAI) Trading Down 4% - What's Next?

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on HSAI. Jefferies Financial Group began coverage on shares of Hesai Group in a research report on Monday, June 9th. They issued a "buy" rating and a $29.30 target price on the stock. Daiwa Capital Markets began coverage on Hesai Group in a research note on Tuesday, March 11th. They set a "buy" rating and a $35.00 price objective on the stock. Finally, Daiwa America upgraded Hesai Group to a "strong-buy" rating in a report on Tuesday, March 11th. One equities research 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 stock. According to MarketBeat.com, Hesai Group has a consensus rating of "Buy" and an average price target of $24.43.

Hesai Group Price Performance

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 firm's fifty day moving average price is $17.56 and its 200-day moving average price is $16.25. The stock has a market cap of $2.39 billion, a P/E ratio of -608.00 and a beta of 1.06.

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

Institutional Investors Weigh In On Hesai Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Lightspeed Management Company L.L.C. purchased a new position in shares of Hesai Group during the fourth quarter valued at approximately $110,560,000. Robert Bosch GmbH bought a new stake in Hesai Group in the fourth quarter valued at $105,768,000. Citigroup Inc. increased its position in Hesai Group by 1,258.8% during the 1st quarter. Citigroup Inc. now owns 2,774,536 shares of the company's stock valued at $41,063,000 after purchasing an additional 2,570,347 shares during the period. Vanguard Group Inc. purchased a new position in Hesai Group during the 1st quarter valued at $25,997,000. Finally, Allianz Asset Management GmbH bought a new position in Hesai Group in the 1st quarter worth $16,696,000. 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.