Hesai Group (NASDAQ:HSAI) Stock Price Down 7.6%

Hesai Group (NASDAQ:HSAI)’s stock price traded down 7.6% on Thursday . The stock traded as low as $10.11 and last traded at $10.16. 191,791 shares changed hands during trading, a decline of 36% from the average session volume of 300,751 shares. The stock had previously closed at $11.00.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Bank of America assumed coverage on Hesai Group in a report on Friday, September 22nd. They set a “buy” rating on the stock. Citigroup assumed coverage on Hesai Group in a report on Tuesday, September 26th. They set a “buy” rating on the stock. Finally, The Goldman Sachs Group lowered Hesai Group from a “buy” rating to a “neutral” rating in a report on Friday, August 18th.

Hesai Group Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.96 and a current ratio of 4.26. The firm has a market cap of $1.22 billion and a P/E ratio of -17.98. The company has a 50-day moving average of $10.00 and a 200 day moving average of $10.17.

Hedge Funds Weigh In On Hesai Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. bought a new position in Hesai Group in the 1st quarter valued at $68,000. UBS Group AG bought a new position in Hesai Group in the 1st quarter valued at $78,000. Barclays PLC bought a new position in Hesai Group in the 1st quarter valued at $110,000. Nomura Asset Management Co. Ltd. bought a new position in Hesai Group in the 1st quarter valued at $157,000. Finally, Nomura Holdings Inc. bought a new position in Hesai Group in the 1st quarter valued at $173,000. Institutional investors own 15.02% 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.