Hesai Group (NASDAQ:HSAI) Shares Gap Down – Here’s Why

Shares of Hesai Group Sponsored ADR (NASDAQ:HSAI) gapped down before the market opened on Friday . The stock had previously closed at $23.10, but opened at $21.80. Hesai Group shares last traded at $21.07, with a volume of 3,209,379 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Hesai Group in a report on Monday, June 9th. They set a “buy” rating and a $29.30 price objective on the stock. Daiwa America upgraded shares of Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th. Finally, Daiwa Capital Markets initiated coverage on shares of Hesai Group in a research note on Tuesday, March 11th. They issued a “buy” rating and a $35.00 target price for the company. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $24.43.

Hesai Group Trading Down 4.8%

The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of -733.33 and a beta of 1.06. The company has a quick ratio of 3.62, a current ratio of 4.06 and a debt-to-equity ratio of 0.09. The company’s 50 day simple moving average is $18.60 and its two-hundred day simple moving average is $16.71.

Hesai Group (NASDAQ:HSAI) last announced its earnings results on Monday, May 26th. The company reported ($0.02) earnings per share 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 the consensus estimate of $532.16 million. Hesai Group had a negative net margin of 0.72% and a positive return on equity of 1.00%. As a group, research analysts anticipate that Hesai Group Sponsored ADR will post -0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hesai Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. SBI Securities Co. Ltd. lifted its stake in shares of Hesai Group by 138.6% during the first quarter. SBI Securities Co. Ltd. now owns 2,150 shares of the company’s stock worth $32,000 after buying an additional 1,249 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of Hesai Group during the first quarter worth $42,000. Russell Investments Group Ltd. acquired a new stake in shares of Hesai Group during the first quarter worth $150,000. Renaissance Technologies LLC acquired a new stake in shares of Hesai Group during the fourth quarter worth $138,000. Finally, Sovereign Financial Group Inc. acquired a new stake in shares of Hesai Group during the first quarter worth $148,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

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.