Hesai Group (NASDAQ:HSAI) Stock Price Up 7.1% - What's Next?

Key Points

• Hesai Group shares rose 7.1% to about $13.31 in mid-day trading, although volume was 35% below the average session level.
• Analysts maintain a consensus “Buy” rating with an average price target of $23.50, substantially above the recent trading price; ratings include one Strong Buy, two Buys and one Hold.
• The company’s latest quarter showed revenue of $126.7 million, slightly above expectations, but adjusted earnings of $0.01 per share missed the $0.07 consensus estimate. Institutional investors and hedge funds own about 48.5% of the stock.

Hesai Group Sponsored ADR (NASDAQ:HSAI - Get Free Report)'s stock price traded up 7.1% during mid-day trading on Monday. The company traded as high as $13.30 and last traded at $13.3050. 1,176,943 shares were traded during mid-day trading, a decline of 35% from the average session volume of 1,807,255 shares. The stock had previously closed at $12.42.

Analysts Set New Price Targets

A number of research analysts have recently commented on HSAI shares. Weiss Ratings downgraded Hesai Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, October 8th. 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. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $23.50.

Hesai Group Trading Up 5.0%

The stock has a market cap of $1.83 billion, a P/E ratio of 31.82, a P/E/G ratio of 0.63 and a beta of 1.36. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.86 and a current ratio of 5.37. The stock's fifty day moving average is $16.91 and its 200 day moving average is $18.36.

Hesai Group (NASDAQ:HSAI - Get Free Report) last issued its quarterly earnings data on Saturday, August 15th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). Hesai Group had a return on equity of 5.52% and a net margin of 14.77%. The company had revenue of $126.70 million for the quarter, compared to the consensus estimate of $126.00 million. As a group, equities research analysts predict that Hesai Group Sponsored ADR will post 0.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. lifted its holdings in shares of Hesai Group by 45.3% in the 1st quarter. Bessemer Group Inc. now owns 2,325 shares of the company's stock worth $44,000 after acquiring an additional 725 shares during the last quarter. Blue Trust Inc. purchased a new position in shares of Hesai Group during the 1st quarter worth about $51,000. Summit Securities Group LLC bought a new position in Hesai Group during the 1st quarter valued at about $56,000. Leonteq Securities AG grew its holdings in Hesai Group by 107.9% during the 1st quarter. Leonteq Securities AG now owns 9,833 shares of the company's stock valued at $188,000 after purchasing an additional 5,104 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Hesai Group during the 2nd quarter valued at about $234,000. Hedge funds and other institutional investors own 48.53% of the company's stock.

About Hesai Group

Hesai Group is a lidar technology company that develops, manufactures and sells three-dimensional sensing products for automotive and robotic applications. Its lidar systems use laser-based sensing to help vehicles and machines detect and understand their surroundings, supporting functions such as advanced driver-assistance systems, autonomous driving and navigation.

The company's product portfolio includes long-, medium- and short-range lidar sensors, as well as related software and perception solutions.

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