Hesai Group (NASDAQ:HSAI) Trading Down 5.1% - Here's What Happened

Hesai Group (NASDAQ:HSAI - Get Free Report)'s stock price was down 5.1% on Tuesday . The stock traded as low as $19.22 and last traded at $19.23. Approximately 1,020,579 shares changed hands during trading, a decline of 78% from the average daily volume of 4,702,262 shares. The stock had previously closed at $20.27.

Analysts Set New Price Targets

Several analysts recently weighed in on HSAI shares. Daiwa America upgraded Hesai Group to a "strong-buy" rating in a report on Tuesday, March 11th. Jefferies Financial Group started coverage on Hesai Group in a research note on Monday. They issued a "buy" rating and a $29.30 target price on the stock. Finally, Daiwa Capital Markets started coverage on Hesai Group in a research note on Tuesday, March 11th. They issued a "buy" rating and a $35.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $24.43.

Hesai Group Stock Performance

The business has a 50-day moving average of $17.15 and a two-hundred day moving average of $15.95. The company has a market cap of $2.63 billion, a P/E ratio of -45.61, 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 current ratio of 3.08 and a quick ratio of 2.65.

Hesai Group (NASDAQ:HSAI - Get Free Report) last issued its quarterly earnings data on Monday, May 26th. The company reported ($0.02) earnings per share for the quarter, beating 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 company had revenue of $72.39 million for the quarter, compared to the consensus estimate of $532.16 million. On average, sell-side analysts predict that Hesai Group will post -0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Hesai Group

Institutional investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. acquired a new stake in Hesai Group in the fourth quarter worth about $177,000. JPMorgan Chase & Co. acquired a new stake in Hesai Group in the fourth quarter worth about $1,494,000. Geode Capital Management LLC lifted its holdings in shares of Hesai Group by 366.0% during the fourth quarter. Geode Capital Management LLC now owns 47,700 shares of the company's stock worth $659,000 after purchasing an additional 37,464 shares during the period. Trexquant Investment LP acquired a new stake in shares of Hesai Group during the fourth quarter worth about $1,667,000. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of Hesai Group during the fourth quarter worth about $168,000. 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.