Hesai Group (NASDAQ:HSAI) Trading Down 4.9% – Should You Sell?

Shares of Hesai Group (NASDAQ:HSAI) fell 4.9% on Thursday . The company traded as low as $19.75 and last traded at $19.73. Approximately 1,634,565 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 1,789,334 shares. The stock had previously closed at $20.75.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Morgan Stanley downgraded shares of Hesai Group from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $5.80 to $15.00 in a research report on Monday, January 13th. The Goldman Sachs Group raised shares of Hesai Group from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th. Daiwa America raised Hesai Group to a “strong-buy” rating in a research report on Tuesday, March 11th. Finally, Daiwa Capital Markets assumed coverage on shares of Hesai Group in a report on Tuesday, March 11th. They set a “buy” rating and a $35.00 price objective for the company.

Hesai Group Stock Performance

The company’s 50-day moving average is $17.09 and its two-hundred day moving average is $10.48. 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 company has a market cap of $2.47 billion, a P/E ratio of -44.32, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new position in Hesai Group in the fourth quarter valued at approximately $138,000. Hsbc Holdings PLC purchased a new position in shares of Hesai Group during the 4th quarter valued at $159,000. Landscape Capital Management L.L.C. bought a new position in shares of Hesai Group during the 4th quarter worth $168,000. Fox Run Management L.L.C. purchased a new stake in Hesai Group in the 4th quarter worth about $177,000. Finally, Squarepoint Ops LLC bought a new stake in Hesai Group in the 4th quarter valued at about $327,000. 48.53% of the stock is owned by institutional investors.

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.