Hesai Group (NASDAQ:HSAI) Stock Price Down 4.6% - Here's What Happened

Key Points

• Hesai Group's stock price fell by 4.6% to close at $25.64, with trading volume significantly decreased at 561,977 shares, down 86% from the average.
• Analysts have mixed views, with Morgan Stanley upgrading the stock to "overweight" and raising the target price to $26.00, while Weiss Ratings maintained a "hold" rating.
• The company reported a net loss in its last quarterly earnings, missing estimates with an EPS of $0.04 against a consensus of $0.76, and revenues falling short at $98.61 million compared to an expected $846.98 million.

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) fell 4.6% during trading on Thursday . The company traded as low as $25.61 and last traded at $25.64. 561,977 shares changed hands during trading, a decline of 86% from the average session volume of 4,033,558 shares. The stock had previously closed at $26.87.

Analyst Ratings Changes

A number of research firms have commented on HSAI. Morgan Stanley upgraded shares of Hesai Group from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $23.00 to $26.00 in a research note on Monday, July 28th. Weiss Ratings restated a "hold (c-)" rating on shares of Hesai Group in a research note on Wednesday. The Goldman Sachs Group raised their target price on shares of Hesai Group from $26.30 to $36.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Finally, UBS Group began coverage on shares of Hesai Group in a research note on Tuesday, August 19th. They set a "buy" rating and a $35.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $32.26.

Hesai Group Stock Performance

The business's fifty day moving average is $26.11 and its two-hundred day moving average is $21.07. The company has a quick ratio of 2.79, a current ratio of 3.18 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $3.25 billion, a PE ratio of 275.56 and a beta of 1.15.

Hesai Group (NASDAQ:HSAI - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.76 by ($0.72). The firm 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%. As a group, research analysts anticipate that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Hesai Group

A number of hedge funds have recently made changes to their positions in the stock. Citigroup Inc. lifted its position in shares of Hesai Group by 1,258.8% during the first quarter. Citigroup Inc. now owns 2,774,536 shares of the company's stock valued at $41,063,000 after buying an additional 2,570,347 shares during the last quarter. Allianz Asset Management GmbH grew its stake in shares of Hesai Group by 78.2% during the second quarter. Allianz Asset Management GmbH now owns 2,010,276 shares of the company's stock worth $44,126,000 after acquiring an additional 882,180 shares during the last quarter. Vanguard Group Inc. purchased a new stake in shares of Hesai Group during the first quarter worth about $25,997,000. Goldman Sachs Group Inc. boosted its position in Hesai Group by 345.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company's stock valued at $18,346,000 after buying an additional 961,493 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Hesai Group by 14.2% in the second 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 during the last quarter. 48.53% of the stock is currently owned by hedge funds and other institutional investors.

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.

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