Hesai Group (NASDAQ:HSAI) Trading Up 6.1% - What's Next?

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

Analyst Ratings Changes

HSAI has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on Hesai Group in a research report on Monday. They issued a "buy" rating and a $29.30 target price for the company. Daiwa America raised Hesai Group to a "strong-buy" rating in a report on Tuesday, March 11th. Finally, Daiwa Capital Markets assumed coverage on Hesai Group in a report on Tuesday, March 11th. They set a "buy" rating and a $35.00 price objective for the company. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $24.43.

Hesai Group Price Performance

The business has a 50 day moving average price of $16.88 and a two-hundred day moving average price of $15.75. The stock has a market cap of $2.71 billion, a PE ratio of -46.98, a P/E/G ratio of 1.44 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08.

Hesai Group (NASDAQ:HSAI - Get Free Report) last announced its earnings results on Monday, May 26th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.11. Hesai Group had a negative return on equity of 6.79% and a negative net margin of 20.31%. The firm had revenue of $72.39 million for the quarter, compared to the consensus estimate of $532.16 million. 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 modified their holdings of HSAI. Lightspeed Management Company L.L.C. purchased a new position in Hesai Group in the fourth quarter valued at approximately $110,560,000. Robert Bosch GmbH purchased a new position in Hesai Group in the fourth quarter valued at approximately $105,768,000. Citigroup Inc. lifted its stake in Hesai Group by 1,258.8% in the first 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 last quarter. Vanguard Group Inc. purchased a new position in Hesai Group in the first quarter valued at approximately $25,997,000. Finally, Allianz Asset Management GmbH purchased a new position in Hesai Group in the first quarter valued at approximately $16,696,000. Hedge funds and other institutional investors own 48.53% of the company's stock.

Hesai Group Company Profile

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.