Bank of America Corp DE Increases Holdings in Hesai Group (NASDAQ:HSAI)

Bank of America Corp DE boosted its stake in shares of Hesai Group (NASDAQ:HSAI) by 2,015.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 166,458 shares of the company’s stock after acquiring an additional 158,590 shares during the quarter. Bank of America Corp DE owned 0.13% of Hesai Group worth $2,300,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of HSAI. Robert Bosch GmbH purchased a new position in Hesai Group during the fourth quarter valued at approximately $105,768,000. Jump Financial LLC raised its position in Hesai Group by 2,704.5% during the fourth quarter. Jump Financial LLC now owns 504,802 shares of the company’s stock valued at $6,976,000 after acquiring an additional 486,802 shares in the last quarter. Marshall Wace LLP purchased a new position in Hesai Group during the fourth quarter valued at approximately $3,697,000. Polunin Capital Partners Ltd grew its holdings in Hesai Group by 17.9% in the fourth quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company’s stock valued at $16,733,000 after purchasing an additional 183,417 shares during the period. Finally, Walleye Capital LLC purchased a new stake in shares of Hesai Group in the fourth quarter valued at approximately $1,737,000. 48.53% of the stock is currently owned by hedge funds and other institutional investors.

Hesai Group Stock Down 1.1%

Shares of HSAI opened at $18.65 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.65 and a current ratio of 3.08. Hesai Group has a one year low of $3.52 and a one year high of $24.18. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -42.39, a PEG ratio of 1.44 and a beta of 1.18. The stock has a 50 day moving average price of $16.37 and a 200 day moving average price of $15.15.

Hesai Group (NASDAQ:HSAI) last issued its earnings results on Monday, May 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.11. The company had revenue of $72.39 million during the quarter, compared to analysts’ expectations of $532.16 million. Hesai Group had a negative return on equity of 6.79% and a negative net margin of 20.31%. Equities research analysts forecast that Hesai Group will post -0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on HSAI. Daiwa America upgraded Hesai Group to a “strong-buy” rating in a research report on Tuesday, March 11th. Daiwa Capital Markets assumed coverage on Hesai Group in a research report on Tuesday, March 11th. They set a “buy” rating and a $35.00 price target for the company.

Hesai Group 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.