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

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on HSAI. Jefferies Financial Group began coverage on shares of Hesai Group in a research note on Monday. They issued a "buy" rating and a $29.30 price objective for the company. Daiwa America raised shares of Hesai Group to a "strong-buy" rating in a research note on Tuesday, March 11th. Finally, Daiwa Capital Markets began coverage on shares of Hesai Group in a research note on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price objective for the company. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $24.43.

Hesai Group Price Performance

The company's 50 day moving average price is $16.78 and its 200-day moving average price is $15.72. The stock has a market cap of $2.69 billion, a P/E ratio of -46.34, a P/E/G ratio of 1.44 and a beta of 1.06. The company has a quick ratio of 2.65, a current ratio of 3.08 and a debt-to-equity ratio of 0.08.

Hesai Group (NASDAQ:HSAI - Get Free Report) last announced its earnings results on Monday, May 26th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate 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 business had revenue of $72.39 million for the quarter, compared to analysts' expectations of $532.16 million. As a group, sell-side analysts expect that Hesai Group will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Hesai Group

A number of hedge funds have recently bought and sold shares of the company. SBI Securities Co. Ltd. raised its stake in Hesai Group by 138.6% during the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock worth $32,000 after buying an additional 1,249 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in Hesai Group during the first quarter worth $42,000. Russell Investments Group Ltd. bought a new position in Hesai Group during the first quarter worth $150,000. Renaissance Technologies LLC bought a new position in Hesai Group during the fourth quarter worth $138,000. Finally, Sovereign Financial Group Inc. bought a new position in Hesai Group during the first quarter worth $148,000. 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.