Hesai Group (NASDAQ:HSAI) Stock Price Down 4.6% – What’s Next?

Hesai Group (NASDAQ:HSAI)’s stock price was down 4.6% on Tuesday . The company traded as low as $12.40 and last traded at $12.34. Approximately 907,237 shares were traded during trading, a decline of 57% from the average daily volume of 2,107,521 shares. The stock had previously closed at $12.94.

Wall Street Analysts Forecast Growth

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

Hesai Group Trading Down 7.3 %

The company’s fifty day moving average is $17.31 and its two-hundred day moving average is $12.11. 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 stock has a market cap of $1.52 billion, a price-to-earnings ratio of -27.25, a PEG ratio of 1.44 and a beta of 1.35.

Institutional Investors Weigh In On Hesai Group

Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of Hesai Group in the 1st quarter valued at $338,000. Sovereign Financial Group Inc. purchased a new position in shares of Hesai Group in the 1st quarter valued at about $148,000. JTC Employer Solutions Trustee Ltd purchased a new stake in Hesai Group during the first quarter worth $42,000. GF Fund Management CO. LTD. acquired a new position in Hesai Group during the fourth quarter worth about $2,418,000. Finally, Voloridge Investment Management LLC acquired a new position in shares of Hesai Group during the 4th quarter worth approximately $9,496,000. 48.53% of the stock is owned by hedge funds and other institutional investors.

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.