Hesai Group (NASDAQ:HSAI) Trading Down 4.3% – Here’s What Happened

Hesai Group (NASDAQ:HSAI)’s share price dropped 4.3% during trading on Thursday . The company traded as low as $14.82 and last traded at $14.98. Approximately 472,866 shares changed hands during trading, a decline of 80% from the average daily volume of 2,418,596 shares. The stock had previously closed at $15.66.

Analyst Ratings Changes

A number of brokerages have issued reports on HSAI. The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th. Morgan Stanley downgraded Hesai Group from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $5.80 to $15.00 in a research note on Monday, January 13th.

Hesai Group Price Performance

The stock has a market cap of $1.89 billion, a P/E ratio of -33.85, a price-to-earnings-growth ratio of 1.83 and a beta of 1.24. The company has a quick ratio of 2.65, a current ratio of 3.08 and a debt-to-equity ratio of 0.08. The business’s 50-day simple moving average is $11.18 and its two-hundred day simple moving average is $6.75.

Hesai Group (NASDAQ:HSAI) last released its quarterly earnings data on Monday, November 25th. The company reported ($0.05) EPS for the quarter. Hesai Group had a negative return on equity of 6.79% and a negative net margin of 20.31%. Sell-side analysts expect that Hesai Group will post -0.17 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Hesai Group by 47.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock worth $138,000 after buying an additional 9,500 shares in the last quarter. Jane Street Group LLC raised its stake in Hesai Group by 11.9% in the third quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock valued at $230,000 after purchasing an additional 5,186 shares in the last quarter. Renaissance Technologies LLC grew its stake in Hesai Group by 44.1% in the 2nd quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock worth $208,000 after buying an additional 15,200 shares in the last quarter. Susquehanna Fundamental Investments LLC increased its holdings in shares of Hesai Group by 107.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock worth $605,000 after buying an additional 74,888 shares during the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in shares of Hesai Group during the 3rd quarter valued at $924,000. 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.