Hesai Group (NASDAQ:HSAI) Shares Down 8.9% – Here’s What Happened

Hesai Group (NASDAQ:HSAI) shares traded down 8.9% during trading on Monday . The company traded as low as $13.69 and last traded at $13.92. 2,857,263 shares were traded during trading, an increase of 43% from the average session volume of 1,993,545 shares. The stock had previously closed at $15.27.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Daiwa America upgraded shares of Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th. The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th. Morgan Stanley lowered Hesai Group from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $5.80 to $15.00 in a research note on Monday, January 13th. Finally, Daiwa Capital Markets initiated coverage on Hesai Group in a research report on Tuesday, March 11th. They issued a “buy” rating and a $35.00 target price for the company.

Hesai Group Trading Down 6.6 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.08 and a quick ratio of 2.65. The business’s 50 day simple moving average is $17.62 and its 200 day simple moving average is $11.73. The stock has a market cap of $1.81 billion, a P/E ratio of -32.41, a PEG ratio of 1.44 and a beta of 1.35.

Hedge Funds Weigh In On Hesai Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC grew its position in 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 acquiring an additional 5,186 shares during the period. China Universal Asset Management Co. Ltd. boosted its stake in shares of Hesai Group by 49.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company’s stock valued at $608,000 after purchasing an additional 14,500 shares in the last quarter. Polunin Capital Partners Ltd grew its holdings 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 worth $16,733,000 after purchasing an additional 183,417 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Hesai Group during the 4th quarter worth about $177,000. Finally, JPMorgan Chase & Co. bought a new position in Hesai Group during the 4th quarter valued at about $1,494,000. Institutional investors 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.