Hesai Group (NASDAQ:HSAI) Trading Up 7.2% – Here’s What Happened

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s stock price was up 7.2% on Thursday . The stock traded as high as $28.68 and last traded at $28.53. Approximately 2,261,431 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 2,607,316 shares. The stock had previously closed at $26.61.

Analyst Upgrades and Downgrades

A number of analysts have commented on HSAI shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Hesai Group in a research note on Monday, December 29th. CICC Research initiated coverage on shares of Hesai Group in a research note on Tuesday, November 25th. They issued an “outperform” rating and a $23.50 target price for the company. Sanford C. Bernstein upgraded Hesai Group to a “strong-buy” rating in a report on Wednesday, November 12th. Finally, The Goldman Sachs Group raised their price objective on Hesai Group from $26.30 to $36.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $30.80.

Hesai Group Stock Performance

The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 67.98 and a beta of 1.14. The company has a current ratio of 5.75, a quick ratio of 5.37 and a debt-to-equity ratio of 0.04. The stock’s 50 day moving average is $21.77 and its 200 day moving average is $23.42.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings data on Wednesday, November 12th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.14. Hesai Group had a return on equity of 8.04% and a net margin of 15.70%.The company had revenue of $111.72 million during the quarter, compared to analysts’ expectations of $116.11 million. Analysts anticipate that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Hesai Group by 18.3% in the third quarter. Vanguard Group Inc. now owns 4,078,330 shares of the company’s stock valued at $114,601,000 after acquiring an additional 629,680 shares during the period. Allianz Asset Management GmbH raised its stake in Hesai Group by 29.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 2,594,744 shares of the company’s stock worth $72,912,000 after purchasing an additional 584,468 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Hesai Group by 5.6% in the 3rd quarter. Wellington Management Group LLP now owns 1,850,232 shares of the company’s stock valued at $51,992,000 after purchasing an additional 98,884 shares during the period. National Bank of Canada FI grew its position in shares of Hesai Group by 108.4% during the 3rd quarter. National Bank of Canada FI now owns 1,482,116 shares of the company’s stock worth $41,647,000 after purchasing an additional 770,816 shares in the last quarter. Finally, Aberdeen Group plc acquired a new position in shares of Hesai Group during the 3rd quarter worth approximately $38,241,000. Institutional investors own 48.53% of the company’s stock.

About Hesai Group

Hesai Group is a technology company specializing in the development and production of advanced LiDAR (Light Detection and Ranging) sensors and perception software platforms for autonomous vehicles, robotics, industrial automation and mapping applications. The company’s core business centers on delivering high-performance, high-reliability LiDAR solutions designed to enable precise three-dimensional sensing and real-time environment perception. Hesai’s product lineup spans mechanical rotating LiDAR units, solid-state and MEMS-based sensors, as well as integrated software stacks for object detection, tracking and data fusion.

Founded in 2014 by a team of laser sensing and robotics researchers, Hesai built its reputation on improving range, resolution and reliability of LiDAR systems while driving down cost and size.