Hesai Group (NASDAQ:HSAI) Shares Down 6.6% – Here’s What Happened

Hesai Group (NASDAQ:HSAI) dropped 6.6% on Monday . The stock traded as low as $16.70 and last traded at $16.72. Approximately 895,578 shares were traded during trading, a decline of 73% from the average daily volume of 3,283,568 shares. The stock had previously closed at $17.91.

Analysts Set New Price Targets

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

Hesai Group Trading Down 11.1 %

The stock has a market cap of $2.02 billion, a price-to-earnings ratio of -36.18, a P/E/G ratio of 1.44 and a beta of 1.26. The business’s 50 day moving average is $15.78 and its 200 day moving average is $9.15. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC acquired a new stake in shares of Hesai Group during the 4th quarter worth about $138,000. Hsbc Holdings PLC purchased a new position in Hesai Group in the fourth quarter valued at approximately $159,000. Landscape Capital Management L.L.C. acquired a new stake in Hesai Group during the fourth quarter worth approximately $168,000. Fox Run Management L.L.C. acquired a new stake in Hesai Group during the fourth quarter worth approximately $177,000. Finally, Jane Street Group LLC lifted its position in shares of Hesai Group by 11.9% during the 3rd quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock worth $230,000 after buying an additional 5,186 shares during the last quarter. 48.53% of the stock is owned by institutional investors and hedge funds.

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.