Hesai Group (NASDAQ:HSAI) Stock Price Down 5.3% - Here's Why

Shares of Hesai Group (NASDAQ:HSAI - Get Free Report) dropped 5.3% during mid-day trading on Wednesday . The stock traded as low as $14.80 and last traded at $14.86. Approximately 452,176 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 2,195,557 shares. The stock had previously closed at $15.69.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on HSAI shares. The Goldman Sachs Group upgraded Hesai Group from a "neutral" rating to a "buy" rating and increased their price target for the stock from $5.50 to $18.40 in a report on Tuesday, January 14th. Morgan Stanley downgraded Hesai Group from an "overweight" rating to an "equal weight" rating and lifted their target price for the stock from $5.80 to $15.00 in a report on Monday, January 13th.

Hesai Group Price Performance

The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of -38.18, a PEG ratio of 1.94 and a beta of 1.26. The business's fifty day simple moving average is $13.57 and its 200 day simple moving average is $7.65. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65.

Hesai Group (NASDAQ:HSAI - Get Free Report) last posted its 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%. On average, research analysts forecast that Hesai Group will post -0.17 EPS for the current year.

Hedge Funds Weigh In On Hesai Group

Several hedge funds have recently modified their holdings of HSAI. Renaissance Technologies LLC increased its position in shares of Hesai Group by 44.1% during the second quarter. Renaissance Technologies LLC now owns 49,700 shares of the company's stock valued at $208,000 after acquiring an additional 15,200 shares during the last quarter. Polunin Capital Partners Ltd grew its position 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 acquiring an additional 183,417 shares during the period. Jane Street Group LLC raised its stake in shares of 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 buying an additional 5,186 shares during the period. China Universal Asset Management Co. Ltd. lifted its position 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. Finally, Main Management ETF Advisors LLC bought a new position in shares of Hesai Group during the 3rd quarter worth $924,000. Institutional investors own 48.53% of the company's stock.

Hesai Group Company Profile

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.