Hesai Group (NASDAQ:HSAI) Reaches New 52-Week Low - Here's Why

Key Points

• Hesai Group shares hit a new 52-week low, falling 6.0% to an intraday low of $11.85, well below the 50-day and 200-day moving averages of $16.57 and $18.21.
• The latest quarterly results fell short on earnings, with EPS of $0.01 versus the $0.07 consensus estimate, although revenue of $126.7 million slightly exceeded expectations.
• Despite the sell-off and some analyst downgrades, coverage remains broadly positive: the stock has a consensus “Buy” rating and a $23.50 average price target, nearly double its recent trading level.

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s stock price hit a new 52-week low during trading on Thursday. The company traded as low as $11.85 and last traded at $12.2780, with a volume of 153,178 shares traded. The stock had previously closed at $13.19.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on HSAI. Wall Street Zen upgraded shares of Hesai Group from a "strong sell" rating to a "sell" rating in a research report on Saturday, October 3rd. Weiss Ratings downgraded shares of Hesai Group from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $23.50.

Hesai Group Stock Down 6.0%

The firm has a market capitalization of $1.74 billion, a PE ratio of 30.06, a PEG ratio of 0.72 and a beta of 1.36. The company has a current ratio of 5.37, a quick ratio of 4.86 and a debt-to-equity ratio of 0.03. The business's 50 day simple moving average is $16.57 and its 200 day simple moving average is $18.21.

Hesai Group (NASDAQ:HSAI - Get Free Report) last released its earnings results on Saturday, August 15th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.06). Hesai Group had a return on equity of 5.52% and a net margin of 14.77%. The business had revenue of $126.70 million during the quarter, compared to analysts' expectations of $126.00 million. On average, equities research analysts forecast that Hesai Group Sponsored ADR will post 0.52 earnings per share for the current year.

Institutional Trading of Hesai Group

A number of institutional investors have recently made changes to their positions in the company. Bessemer Group Inc. raised its position in Hesai Group by 45.3% in the first quarter. Bessemer Group Inc. now owns 2,325 shares of the company's stock valued at $44,000 after purchasing an additional 725 shares during the period. Blue Trust Inc. purchased a new stake in Hesai Group in the first quarter valued at $51,000. Summit Securities Group LLC purchased a new stake in Hesai Group in the 1st quarter valued at $56,000. Leonteq Securities AG lifted its position in Hesai Group by 107.9% during the 1st quarter. Leonteq Securities AG now owns 9,833 shares of the company's stock worth $188,000 after acquiring an additional 5,104 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Hesai Group in the 2nd quarter valued at approximately $234,000. 48.53% of the stock is owned by institutional investors and hedge funds.

About Hesai Group

Hesai Group is a global developer and manufacturer of lidar, or light detection and ranging, technology. Its sensors use laser signals to measure the surrounding environment and generate detailed three-dimensional data for applications that require perception, navigation, and obstacle detection.

The company's products are designed primarily for advanced driver-assistance systems and autonomous driving, including passenger vehicles, commercial vehicles, and robotaxi fleets. Hesai also provides lidar solutions for robotics, last-mile delivery, industrial applications, and other forms of autonomous mobility.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.