Hesai Group (NASDAQ:HSAI) Shares Up 6.9% - Still a Buy?

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s share price shot up 6.9% on Friday . The company traded as high as $21.44 and last traded at $21.45. 2,369,608 shares were traded during trading, a decline of 47% from the average session volume of 4,478,844 shares. The stock had previously closed at $20.06.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group initiated coverage on shares of Hesai Group in a research report on Monday, June 9th. They set a "buy" rating and a $29.30 price target on the stock. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $24.43.

Hesai Group Stock Performance

The company has a 50 day moving average price of $20.41 and a 200-day moving average price of $17.71. The company has a market cap of $2.77 billion, a P/E ratio of -703.33 and a beta of 1.14. The company has a quick ratio of 3.62, a current ratio of 4.06 and a debt-to-equity ratio of 0.09.

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

Institutional Investors Weigh In On Hesai Group

Several hedge funds have recently modified their holdings of the business. WT Asset Management Ltd purchased a new position in Hesai Group in the 2nd quarter valued at about $7,603,000. Acadian Asset Management LLC grew its holdings in shares of Hesai Group by 2,217.8% during the first quarter. Acadian Asset Management LLC now owns 112,276 shares of the company's stock worth $1,656,000 after purchasing an additional 107,432 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Hesai Group by 345.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company's stock valued at $18,346,000 after acquiring an additional 961,493 shares during the period. Electron Capital Partners LLC bought a new position in shares of Hesai Group during the first quarter worth about $946,000. Finally, Advisors Asset Management Inc. bought a new stake in Hesai Group during the 1st quarter worth $226,000. Hedge funds and other 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.