Hesai Group (NASDAQ:HSAI) Stock Price Down 9.3% - Here's Why

Key Points

• Down 9.3%: Hesai Group (HSAI) fell 9.3% on Thursday to about $22.99 (low $22.90) with 965,858 shares traded, roughly 55% below its average session volume after closing the prior day at $25.36.
• Analyst sentiment remains positive with a consensus "Buy" rating and an average price target of $30.80; recent notes include CICC's "outperform" with a $23.50 target and Sanford C. Bernstein's upgrade to "strong-buy."
• Large institutions have been adding positions (notably Schroder, Federated Hermes, Aberdeen, Norges Bank and Goldman Sachs) while the company shows a low debt-to-equity ratio (0.04), strong liquidity (quick ratio 5.37, current ratio 5.75), a $3.22 billion market cap and a P/E of 54.72.

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s share price fell 9.3% during trading on Thursday . The stock traded as low as $22.90 and last traded at $22.99. 965,858 shares traded hands during trading, a decline of 55% from the average session volume of 2,170,012 shares. The stock had previously closed at $25.36.

Analyst Ratings Changes

HSAI has been the subject of a number of research reports. CICC Research started coverage on Hesai Group in a research report on Tuesday, November 25th. They set an "outperform" rating and a $23.50 price objective for the company. Sanford C. Bernstein upgraded shares of Hesai Group to a "strong-buy" rating in a research report on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Hesai Group in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $30.80.

Hesai Group Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.37 and a current ratio of 5.75. The stock's 50 day simple moving average is $25.94 and its 200 day simple moving average is $24.47. The firm has a market capitalization of $3.22 billion, a P/E ratio of 54.72 and a beta of 1.06.

Hedge Funds Weigh In On Hesai Group

Large investors have recently added to or reduced their stakes in the stock. Schroder Investment Management Group lifted its holdings in shares of Hesai Group by 17,419.6% in the 4th quarter. Schroder Investment Management Group now owns 2,065,906 shares of the company's stock worth $46,276,000 after acquiring an additional 2,054,114 shares during the last quarter. Aberdeen Group plc acquired a new position in Hesai Group in the third quarter valued at $38,241,000. Federated Hermes Inc. lifted its holdings in shares of Hesai Group by 8,076.3% in the 4th quarter. Federated Hermes Inc. now owns 1,263,894 shares of the company's stock valued at $28,311,000 after purchasing an additional 1,248,436 shares during the last quarter. Norges Bank purchased a new position in shares of Hesai Group during the fourth quarter worth about $24,260,000. Finally, Goldman Sachs Group Inc. raised its holdings in Hesai Group by 345.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company's stock worth $18,346,000 after purchasing an additional 961,493 shares during the last quarter. 48.53% of the stock is currently owned by institutional investors and hedge funds.

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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