Hesai Group (NASDAQ:HSAI) Trading 5.3% Higher - Here's What Happened

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report) traded up 5.3% during mid-day trading on Friday . The company traded as high as $23.29 and last traded at $23.17. 1,352,764 shares traded hands during trading, a decline of 56% from the average session volume of 3,046,070 shares. The stock had previously closed at $22.00.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group began coverage on shares of Hesai Group in a report on Monday, June 9th. They set a "buy" rating and a $29.30 price objective for the company. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $24.43.

Hesai Group Price Performance

The business's fifty day moving average price is $19.75 and its 200 day moving average price is $17.30. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.06 and a quick ratio of 3.62. The stock has a market cap of $3.04 billion, a P/E ratio of -766.33 and a beta of 1.14.

Hesai Group (NASDAQ:HSAI - Get Free Report) last issued its earnings results on Monday, May 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.11. Hesai Group had a positive return on equity of 1.00% and a negative net margin of 0.72%. The company had revenue of $72.39 million for the quarter, compared to analysts' expectations of $532.16 million. Sell-side analysts forecast that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lightspeed Management Company L.L.C. purchased a new stake in Hesai Group during the fourth quarter worth $110,560,000. Robert Bosch GmbH purchased a new position in Hesai Group in the 4th quarter worth $105,768,000. Citigroup Inc. raised its stake in Hesai Group by 1,258.8% in the 1st quarter. Citigroup Inc. now owns 2,774,536 shares of the company's stock worth $41,063,000 after acquiring an additional 2,570,347 shares during the last quarter. Vanguard Group Inc. purchased a new position in Hesai Group in the 1st quarter worth $25,997,000. Finally, Goldman Sachs Group Inc. grew its position in Hesai Group by 345.7% during the 1st 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 period. 48.53% of the stock is owned by hedge funds and other institutional investors.

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.

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