Hesai Group (NASDAQ:HSAI) Trading Up 12.8% - Here's What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s stock price traded up 12.8% on Tuesday . The stock traded as high as $20.27 and last traded at $20.56. 1,582,132 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 2,890,418 shares. The stock had previously closed at $18.22.

Analyst Ratings Changes

Several brokerages have commented on HSAI. Daiwa America upgraded shares of Hesai Group to a "strong-buy" rating in a research note on Tuesday, March 11th. Jefferies Financial Group started coverage on Hesai Group in a research report on Monday, June 9th. They set a "buy" rating and a $29.30 price target for the company. Finally, Daiwa Capital Markets started coverage on Hesai Group in a research report on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price objective on the stock. One investment 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 MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $24.43.

Hesai Group Trading Up 12.2%

The stock has a market cap of $2.68 billion, a PE ratio of -681.67 and a beta of 1.06. The company has a 50 day moving average of $17.79 and a two-hundred day moving average of $16.47. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.62 and a current ratio of 4.06.

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

Hedge Funds Weigh In On Hesai Group

A number of hedge funds have recently made changes to their positions in HSAI. Fox Run Management L.L.C. acquired a new position in Hesai Group in the 4th quarter valued at $177,000. JPMorgan Chase & Co. acquired a new stake in shares of Hesai Group in the fourth quarter valued at about $1,494,000. Geode Capital Management LLC lifted its stake in shares of Hesai Group by 366.0% in the fourth quarter. Geode Capital Management LLC now owns 47,700 shares of the company's stock worth $659,000 after buying an additional 37,464 shares in the last quarter. Trexquant Investment LP acquired a new position in Hesai Group during the fourth quarter worth about $1,667,000. Finally, Landscape Capital Management L.L.C. purchased a new stake in Hesai Group during the 4th quarter valued at about $168,000. Institutional investors and hedge funds own 48.53% of the company's stock.

About Hesai Group

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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