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

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on HSAI shares. Daiwa Capital Markets assumed coverage on Hesai Group in a report on Tuesday, March 11th. They issued a “buy” rating and a $35.00 price objective for the company. The Goldman Sachs Group raised Hesai Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $5.50 to $18.40 in a research note on Tuesday, January 14th. Morgan Stanley lowered shares of Hesai Group from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $5.80 to $15.00 in a research note on Monday, January 13th. Finally, Daiwa America raised shares of 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 market capitalization of $2.52 billion, a P/E ratio of -45.00, a P/E/G ratio of 1.44 and a beta of 1.07. 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 firm has a fifty day simple moving average of $16.68 and a 200-day simple moving average of $10.12.

Institutional Trading of Hesai Group

Hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC boosted its holdings 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. Main Management ETF Advisors LLC acquired a new position in Hesai Group in the 3rd quarter worth $924,000. China Universal Asset Management Co. Ltd. increased its holdings in Hesai Group by 49.2% during the 4th 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 in the last quarter. Polunin Capital Partners Ltd raised its stake in shares of Hesai Group by 17.9% in the 4th 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 period. Finally, Fox Run Management L.L.C. bought a new stake in shares of Hesai Group in the fourth quarter valued at about $177,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

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.