Hesai Group (NASDAQ:HSAI) Trading Down 4.3% – Here’s What Happened

Shares of Hesai Group (NASDAQ:HSAI) were down 4.3% on Thursday . The stock traded as low as $14.82 and last traded at $14.98. Approximately 472,866 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 2,418,596 shares. The stock had previously closed at $15.66.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Morgan Stanley cut shares of Hesai Group from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $5.80 to $15.00 in a report on Monday, January 13th. The Goldman Sachs Group raised shares of Hesai Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $5.50 to $18.40 in a report on Tuesday, January 14th.

Hesai Group Stock Performance

The firm’s fifty day simple moving average is $11.62 and its 200 day simple moving average is $6.88. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of -35.23, a PEG ratio of 1.80 and a beta of 1.24. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65.

Hesai Group (NASDAQ:HSAI) last posted its quarterly earnings results on Monday, November 25th. The company reported ($0.05) earnings per share (EPS) for the quarter. Hesai Group had a negative return on equity of 6.79% and a negative net margin of 20.31%. On average, sell-side analysts forecast that Hesai Group will post -0.17 EPS for the current year.

Hedge Funds Weigh In On Hesai Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Main Management ETF Advisors LLC acquired a new position in Hesai Group during the third quarter valued at approximately $924,000. Susquehanna Fundamental Investments LLC grew its holdings in Hesai Group by 107.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock valued at $605,000 after purchasing an additional 74,888 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Hesai Group by 44.1% during the second quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock valued at $208,000 after purchasing an additional 15,200 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Hesai Group by 49.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company’s stock valued at $608,000 after purchasing an additional 14,500 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in shares of Hesai Group by 11.9% in the third quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock worth $230,000 after acquiring an additional 5,186 shares during the last quarter. Institutional investors own 48.53% of the company’s stock.

About Hesai Group

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.