Hesai Group (NASDAQ:HSAI) Shares Gap Down – Here’s What Happened

Hesai Group (NASDAQ:HSAI) gapped down prior to trading on Monday . The stock had previously closed at $19.63, but opened at $18.42. Hesai Group shares last traded at $17.48, with a volume of 2,379,784 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th. Morgan Stanley lowered shares of Hesai Group from an “overweight” rating to an “equal weight” rating and upped 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 $2.27 billion, a PE ratio of -40.63, a price-to-earnings-growth ratio of 1.44 and a beta of 1.26. The stock’s 50 day simple moving average is $15.15 and its two-hundred day simple moving average is $8.65. 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 data 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, sell-side analysts forecast that Hesai Group will post -0.14 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Lightspeed Management Company L.L.C. acquired a new position in Hesai Group in the 4th quarter valued at about $110,560,000. Robert Bosch GmbH purchased a new stake in shares of Hesai Group during the 4th quarter valued at approximately $105,768,000. Polunin Capital Partners Ltd lifted its holdings in 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 acquiring an additional 183,417 shares during the last quarter. Millennium Management LLC purchased a new position in Hesai Group in the fourth quarter worth approximately $14,736,000. Finally, Voloridge Investment Management LLC acquired a new stake in Hesai Group during the fourth quarter worth $9,496,000. 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.