Hesai Group (NASDAQ:HSAI) Hits New 52-Week High on Analyst Upgrade

Hesai Group Sponsored ADR (NASDAQ:HSAI)’s stock price hit a new 52-week high during trading on Monday after The Goldman Sachs Group raised their price target on the stock from $26.30 to $36.00. The Goldman Sachs Group currently has a buy rating on the stock. Hesai Group traded as high as $30.85 and last traded at $30.08, with a volume of 1717523 shares changing hands. The stock had previously closed at $29.05.

HSAI has been the subject of a number of other research reports. Morgan Stanley raised shares of Hesai Group from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $23.00 to $26.00 in a report on Monday, July 28th. UBS Group initiated coverage on shares of Hesai Group in a report on Tuesday, August 19th. They issued a “buy” rating and a $35.00 price target for the company. Finally, Jefferies Financial Group initiated coverage on shares of Hesai Group in a report on Monday, June 9th. They issued a “buy” rating and a $29.30 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $32.26.

Hedge Funds Weigh In On Hesai Group

Institutional investors have recently modified their holdings of the stock. Citigroup Inc. increased its holdings in Hesai Group by 1,258.8% during the first quarter. Citigroup Inc. now owns 2,774,536 shares of the company’s stock valued at $41,063,000 after buying an additional 2,570,347 shares during the period. Vanguard Group Inc. purchased a new position in Hesai Group during the first quarter valued at approximately $25,997,000. Allianz Asset Management GmbH purchased a new position in Hesai Group during the first quarter valued at approximately $16,696,000. Goldman Sachs Group Inc. increased its holdings in Hesai Group by 345.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,239,625 shares of the company’s stock valued at $18,346,000 after buying an additional 961,493 shares during the period. Finally, Norges Bank purchased a new position in Hesai Group during the second quarter valued at approximately $20,619,000. 48.53% of the stock is owned by hedge funds and other institutional investors.

Hesai Group Trading Down 1.5%

The company has a market capitalization of $3.84 billion, a PE ratio of 325.00 and a beta of 1.14. The company’s fifty day moving average is $24.47 and its 200-day moving average is $20.45. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.18 and a quick ratio of 2.79.

Hesai Group (NASDAQ:HSAI) last issued its quarterly earnings data on Thursday, August 14th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.72). The business had revenue of $98.61 million for the quarter, compared to analysts’ expectations of $846.98 million. Hesai Group had a net margin of 4.00% and a return on equity of 3.11%. On average, analysts anticipate that Hesai Group Sponsored ADR will post -0.14 EPS for the current fiscal year.

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.