Hesai Group (NASDAQ:HSAI) Stock Price Up 10.5% – Here’s What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI) rose 10.5% on Monday . The stock traded as high as $22.98 and last traded at $23.3010. Approximately 849,111 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 3,889,518 shares. The stock had previously closed at $21.08.

Wall Street Analysts Forecast Growth

HSAI has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Hesai Group in a research note on Wednesday, October 8th. The Goldman Sachs Group raised their target price on Hesai Group from $26.30 to $36.00 and gave the company a “buy” rating in a report on Monday, September 22nd. UBS Group assumed coverage on Hesai Group in a report on Tuesday, August 19th. They set a “buy” rating and a $35.00 price target for the company. Finally, Morgan Stanley raised Hesai Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $23.00 to $26.00 in a research note on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Hesai Group has a consensus rating of “Buy” and a consensus price target of $32.26.

Hesai Group Stock Performance

The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 255.44 and a beta of 1.13. The company’s 50-day simple moving average is $25.82 and its 200-day simple moving average is $22.51. The company has a current ratio of 3.18, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06.

Hesai Group (NASDAQ:HSAI) last announced its earnings results on Thursday, August 14th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.72). The company had revenue of $98.61 million for the quarter, compared to the consensus estimate of $846.98 million. Hesai Group had a return on equity of 3.11% and a net margin of 4.00%. On average, analysts expect that Hesai Group Sponsored ADR will post -0.14 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HSAI. SBI Securities Co. Ltd. raised its position in shares of Hesai Group by 138.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company’s stock worth $32,000 after acquiring an additional 1,249 shares in the last quarter. Bessemer Group Inc. acquired a new stake in Hesai Group during the second quarter worth approximately $33,000. Daiwa Securities Group Inc. bought a new stake in Hesai Group in the second quarter worth approximately $108,000. JTC Employer Solutions Trustee Ltd lifted its stake in Hesai Group by 117.6% in the second quarter. JTC Employer Solutions Trustee Ltd now owns 6,231 shares of the company’s stock valued at $137,000 after buying an additional 3,368 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in shares of Hesai Group during the 1st quarter worth approximately $150,000. Institutional investors and hedge funds 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.