Hesai Group (NASDAQ:HSAI) Trading Down 4.9% – Time to Sell?

Hesai Group (NASDAQ:HSAI)’s stock price dropped 4.9% during mid-day trading on Thursday . The stock traded as low as $19.75 and last traded at $19.73. Approximately 1,634,565 shares were traded 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 Analysts Forecast Growth

A number of brokerages recently issued reports on HSAI. Daiwa America raised Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th. Morgan Stanley downgraded Hesai Group from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $5.80 to $15.00 in a report on Monday, January 13th. 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 report on Tuesday, January 14th. Finally, 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 target on the stock.

Hesai Group Price Performance

The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -41.82, a PEG ratio of 1.44 and a beta of 1.07. The stock has a 50-day moving average price of $17.27 and a two-hundred day moving average price of $10.64.

Institutional Trading of Hesai Group

Institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC acquired a new stake in Hesai Group during the 4th quarter worth about $138,000. Hsbc Holdings PLC acquired a new position in shares of Hesai Group in the 4th quarter valued at about $159,000. Landscape Capital Management L.L.C. purchased a new position in shares of Hesai Group in the 4th quarter valued at about $168,000. Fox Run Management L.L.C. purchased a new position in shares of Hesai Group in the 4th quarter valued at about $177,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Hesai Group in the 4th quarter valued at about $327,000. Institutional investors and hedge funds own 48.53% of the company’s stock.

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.