Hesai Group (NASDAQ:HSAI) Shares Down 2.2% – Here’s Why

Hesai Group (NASDAQ:HSAI) dropped 2.2% during mid-day trading on Friday . The company traded as low as $19.91 and last traded at $20.10. Approximately 3,444,058 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 3,930,735 shares. The stock had previously closed at $20.56.

Analyst Ratings Changes

HSAI has been the subject of several recent research reports. Morgan Stanley cut 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 report on Monday, January 13th. The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $5.50 to $18.40 in a report on Tuesday, January 14th. Daiwa Capital Markets initiated coverage on Hesai Group in a report on Tuesday, March 11th. They set a “buy” rating and a $35.00 target price on the stock. Finally, Daiwa America upgraded Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th.

Hesai Group Stock Down 3.7 %

The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average price is $16.68 and its two-hundred day moving average price is $10.12. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of -45.00, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07.

Hedge Funds Weigh In On Hesai Group

Institutional investors have recently bought and sold shares of the business. 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 worth $230,000 after acquiring an additional 5,186 shares during the period. Main Management ETF Advisors LLC acquired a new stake in Hesai Group during the 3rd quarter valued at $924,000. China Universal Asset Management Co. Ltd. boosted its position in Hesai Group by 49.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company’s stock worth $608,000 after purchasing an additional 14,500 shares during the period. Polunin Capital Partners Ltd increased its holdings in shares of 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 last quarter. Finally, Fox Run Management L.L.C. bought a new position in shares of Hesai Group in the fourth quarter valued at about $177,000. Institutional investors and hedge funds 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.