Hesai Group (NASDAQ:HSAI) Trading 6.1% Higher - Here's What Happened

Key Points

• Hesai Group (NASDAQ:HSAI) shares rose by 6.1% to $26.55, despite an 84% decline in trading volume compared to the average.
• Analysts have a consensus buy rating on Hesai Group, with price targets ranging from $26.00 to $35.00, reflecting optimistic growth expectations.
• The company's quarterly earnings revealed a missed estimate with earnings per share of $0.04 against a consensus of $0.76, raising concerns over future profitability.

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s share price traded up 6.1% during mid-day trading on Wednesday . The stock traded as high as $26.49 and last traded at $26.55. 673,968 shares traded hands during trading, a decline of 84% from the average session volume of 4,197,136 shares. The stock had previously closed at $25.02.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. UBS Group assumed coverage on shares of Hesai Group in a research note on Tuesday, August 19th. They set a "buy" rating and a $35.00 price target on the stock. Morgan Stanley raised shares of Hesai Group from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $23.00 to $26.00 in a research note on Monday, July 28th. Finally, Jefferies Financial Group assumed coverage on shares of Hesai Group in a research note on Monday, June 9th. They set a "buy" rating and a $29.30 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $28.74.

Hesai Group Price Performance

The company's 50-day moving average price is $22.88 and its two-hundred day moving average price is $19.51. The company has a market cap of $3.74 billion, a P/E ratio of 316.78 and a beta of 1.13. The company has a current ratio of 3.18, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06.

Hesai Group (NASDAQ:HSAI - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.72). The company had revenue of $98.61 million during the quarter, compared to the consensus estimate of $846.98 million. Hesai Group had a return on equity of 3.11% and a net margin of 4.00%. As a group, sell-side analysts expect that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vident Advisory LLC acquired a new position in shares of Hesai Group in the 2nd quarter valued at about $279,000. Eschler Asset Management LLP acquired a new position in shares of Hesai Group in the 2nd quarter valued at about $4,423,000. Balyasny Asset Management L.P. acquired a new position in shares of Hesai Group in the 2nd quarter valued at about $5,231,000. Bank of America Corp DE boosted its holdings in shares of Hesai Group by 14.2% in the 2nd quarter. Bank of America Corp DE now owns 1,208,332 shares of the company's stock valued at $26,523,000 after buying an additional 150,022 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of Hesai Group in the 2nd quarter valued at about $4,521,000. 48.53% of the stock is owned by institutional investors and hedge funds.

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.