Hesai Group (NASDAQ:HSAI) Shares Down 5.3% – Here’s Why

Hesai Group (NASDAQ:HSAI) shares traded down 5.3% during mid-day trading on Wednesday . The company traded as low as $14.80 and last traded at $14.86. 452,176 shares traded hands during trading, a decline of 79% from the average session volume of 2,195,557 shares. The stock had previously closed at $15.69.

Analysts Set New Price Targets

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

Hesai Group Stock Performance

The stock has a market cap of $1.83 billion, a PE ratio of -32.75, a PEG ratio of 1.78 and a beta of 1.26. The stock has a fifty day simple moving average of $13.08 and a two-hundred day simple moving average of $7.44. 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 (NASDAQ:HSAI) last released its quarterly earnings results on Monday, November 25th. The company reported ($0.05) earnings per share for the quarter. Hesai Group had a negative return on equity of 6.79% and a negative net margin of 20.31%. Equities analysts anticipate that Hesai Group will post -0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Hesai Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its stake in shares of Hesai Group by 44.1% during the 2nd quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock valued at $208,000 after buying an additional 15,200 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Hesai Group by 47.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock valued at $138,000 after buying an additional 9,500 shares during the last quarter. Jane Street Group LLC boosted its stake 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 valued at $230,000 after buying an additional 5,186 shares during the last quarter. Main Management ETF Advisors LLC purchased a new position in shares of Hesai Group during the 3rd quarter valued at approximately $924,000. Finally, Polunin Capital Partners Ltd boosted its stake in shares of Hesai Group by 17.9% during the 4th quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company’s stock valued at $16,733,000 after buying an additional 183,417 shares during the last quarter. Hedge funds and other 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.