Hesai Group (NASDAQ:HSAI) Stock Price Up 6.1% - Time to Buy?

Hesai Group (NASDAQ:HSAI - Get Free Report)'s share price rose 6.1% on Wednesday . The stock traded as high as $20.56 and last traded at $20.54. Approximately 3,307,705 shares changed hands during trading, an increase of 17% from the average daily volume of 2,823,604 shares. The stock had previously closed at $19.37.

Analysts Set New Price Targets

HSAI has been the subject of several recent analyst reports. Jefferies Financial Group started coverage on Hesai Group in a research note on Monday, June 9th. They set a "buy" rating and a $29.30 target price for the company. Daiwa Capital Markets started coverage on shares of Hesai Group in a research report on Tuesday, March 11th. They set a "buy" rating and a $35.00 price target on the stock. Finally, Daiwa America raised shares of Hesai Group to a "strong-buy" rating in a research report on Tuesday, March 11th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Hesai Group has an average rating of "Buy" and an average price target of $24.43.

Hesai Group Stock Down 3.2%

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65. The firm's 50-day moving average price is $17.15 and its 200 day moving average price is $15.95. The firm has a market cap of $2.63 billion, a P/E ratio of -45.61, a PEG ratio of 1.44 and a beta of 1.06.

Hesai Group (NASDAQ:HSAI - Get Free Report) last issued 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 negative net margin of 20.31% and a negative return on equity of 6.79%. The business had revenue of $72.39 million for the quarter, compared to analysts' expectations of $532.16 million. On average, equities research analysts expect that Hesai Group will post -0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. boosted its stake in Hesai Group by 138.6% in the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock valued at $32,000 after acquiring an additional 1,249 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new position in Hesai Group in the first quarter valued at approximately $42,000. Russell Investments Group Ltd. acquired a new position in Hesai Group in the first quarter valued at approximately $150,000. Renaissance Technologies LLC acquired a new position in Hesai Group in the fourth quarter valued at approximately $138,000. Finally, Sovereign Financial Group Inc. acquired a new position in Hesai Group in the first quarter valued at approximately $148,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

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.