Hesai Group (NASDAQ:HSAI) Stock Price Down 5.7% - Here's What Happened

Key Points

• Hesai Group shares fell 5.7% to about $18.18 in Friday trading, with volume down 83% from the stock’s average daily level.
• Despite the decline, analysts maintain an overall “Buy” rating and a $31.50 average price target; ratings include one Strong Buy, four Buys and one Hold.
• Hesai’s latest quarterly results exceeded expectations, with earnings of $0.02 per share versus $0.01 expected and revenue of $98.71 million versus $96.50 million forecast. Institutional investors own 48.53% of the company.

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s stock price dropped 5.7% during trading on Friday . The company traded as low as $18.15 and last traded at $18.1830. 316,674 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 1,918,136 shares. The stock had previously closed at $19.29.

Analyst Upgrades and Downgrades

HSAI has been the topic of several research analyst reports. Weiss Ratings reissued a "hold (c-)" rating on shares of Hesai Group in a report on Friday, July 24th. Wall Street Zen raised Hesai Group from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $31.50.

Hesai Group Stock Down 6.0%

The stock has a market cap of $2.54 billion, a PE ratio of 41.18, a price-to-earnings-growth ratio of 0.78 and a beta of 1.37. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.52 and a current ratio of 4.97. The company's 50-day moving average price is $16.88 and its 200 day moving average price is $20.94.

Hesai Group (NASDAQ:HSAI - Get Free Report) last issued its quarterly earnings data on Friday, May 15th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $98.71 million for the quarter, compared to analysts' expectations of $96.50 million. Hesai Group had a net margin of 14.75% and a return on equity of 6.03%. As a group, analysts forecast that Hesai Group Sponsored ADR will post 0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HSAI. First Trust Bank Ltd. purchased a new stake in shares of Hesai Group in the 2nd quarter worth $1,650,641,000. Handelsbanken Fonder AB purchased a new position in Hesai Group during the second quarter valued at $456,000. Sapient Capital LLC bought a new stake in Hesai Group during the first quarter valued at about $13,574,000. Liontrust Investment Partners LLP grew its holdings in Hesai Group by 21.0% during the first quarter. Liontrust Investment Partners LLP now owns 164,684 shares of the company's stock valued at $3,149,000 after purchasing an additional 28,548 shares during the period. Finally, Empowered Funds LLC purchased a new stake in Hesai Group in the first quarter worth about $11,185,000. Hedge funds and other institutional investors own 48.53% of the company's stock.

About Hesai Group

Hesai Group is a technology company specializing in the development and production of advanced LiDAR (Light Detection and Ranging) sensors and perception software platforms for autonomous vehicles, robotics, industrial automation and mapping applications. The company’s core business centers on delivering high-performance, high-reliability LiDAR solutions designed to enable precise three-dimensional sensing and real-time environment perception. Hesai’s product lineup spans mechanical rotating LiDAR units, solid-state and MEMS-based sensors, as well as integrated software stacks for object detection, tracking and data fusion.

Founded in 2014 by a team of laser sensing and robotics researchers, Hesai built its reputation on improving range, resolution and reliability of LiDAR systems while driving down cost and size.

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