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

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

Analysts Set New Price Targets

Several research firms recently weighed in on HSAI. Jefferies Financial Group began coverage on Hesai Group in a research report on Monday, June 9th. They set a "buy" rating and a $29.30 target price on the stock. Daiwa America raised Hesai Group to a "strong-buy" rating in a research report on Tuesday, March 11th. Finally, Daiwa Capital Markets initiated coverage on shares of 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 investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Hesai Group presently has a consensus rating of "Buy" and a consensus target price of $24.43.

Hesai Group Price Performance

The firm has a market cap of $2.89 billion, a price-to-earnings ratio of -733.33 and a beta of 1.06. The business's 50-day moving average price is $18.38 and its two-hundred day moving average price is $16.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.06 and a quick ratio of 3.62.

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

Institutional Investors Weigh In On Hesai Group

A number of hedge funds have recently made changes to their positions in HSAI. SBI Securities Co. Ltd. raised its stake in shares of Hesai Group by 138.6% during the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company's stock valued at $32,000 after purchasing an additional 1,249 shares in the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in Hesai Group in the first quarter worth approximately $42,000. Russell Investments Group Ltd. bought a new stake in shares of Hesai Group during the 1st quarter worth $150,000. Renaissance Technologies LLC purchased a new stake in shares of Hesai Group during the fourth quarter valued at $138,000. Finally, Sovereign Financial Group Inc. acquired a new position in shares of Hesai Group in the 1st quarter valued at $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.