Hesai Group (NASDAQ:HSAI) Shares Down 7.2% – Here’s Why

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s share price dropped 7.2% during mid-day trading on Friday . The stock traded as low as $22.70 and last traded at $22.5860. Approximately 556,379 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 1,997,158 shares. The stock had previously closed at $24.34.

Analyst Ratings Changes

Several research analysts have issued reports on HSAI shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hesai Group in a report on Monday, December 29th. CICC Research began coverage on Hesai Group in a research note on Tuesday, November 25th. They set an “outperform” rating and a $23.50 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Hesai Group currently has a consensus rating of “Buy” and a consensus target price of $29.96.

Hesai Group Stock Down 6.1%

The company has a quick ratio of 5.37, a current ratio of 5.75 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $3.20 billion, a PE ratio of 54.41 and a beta of 1.06. The business’s 50 day simple moving average is $25.94 and its 200 day simple moving average is $24.39.

Institutional Investors Weigh In On Hesai Group

Hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its position in shares of Hesai Group by 2.8% in the fourth quarter. Advisors Asset Management Inc. now owns 15,929 shares of the company’s stock worth $357,000 after purchasing an additional 430 shares in the last quarter. Main Management ETF Advisors LLC grew its position in Hesai Group by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 50,112 shares of the company’s stock valued at $1,123,000 after purchasing an additional 512 shares in the last quarter. SG Americas Securities LLC grew its position in Hesai Group by 2.8% during the second quarter. SG Americas Securities LLC now owns 23,445 shares of the company’s stock valued at $515,000 after purchasing an additional 631 shares in the last quarter. Royal Bank of Canada increased its stake in Hesai Group by 15.8% in the 4th quarter. Royal Bank of Canada now owns 5,311 shares of the company’s stock valued at $119,000 after buying an additional 726 shares during the period. Finally, SBI Securities Co. Ltd. increased its stake in Hesai Group by 37.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,738 shares of the company’s stock valued at $61,000 after buying an additional 746 shares during the period. Hedge funds and other institutional investors own 48.53% of the company’s stock.

Hesai Group Company Profile

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.