Hesai Group (NASDAQ:HSAI) Shares Down 9.1% – Here’s Why

Hesai Group (NASDAQ:HSAI)’s stock price was down 9.1% during mid-day trading on Wednesday . The company traded as low as $4.20 and last traded at $4.22. Approximately 675,392 shares traded hands during trading, an increase of 7% from the average daily volume of 633,779 shares. The stock had previously closed at $4.64.

Hesai Group Stock Performance

The firm’s fifty day moving average is $4.43 and its 200-day moving average is $4.50. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.16 and a quick ratio of 2.68.

Hesai Group (NASDAQ:HSAI) last released its quarterly earnings results on Monday, August 19th. The company reported ($0.05) earnings per share (EPS) for the quarter. Hesai Group had a negative net margin of 25.30% and a negative return on equity of 9.22%. The company had revenue of $63.14 million during the quarter. Analysts expect that Hesai Group will post -0.35 earnings per share for the current year.

Institutional Investors Weigh In On Hesai Group

Institutional investors and hedge funds have recently modified their holdings of the company. GSA Capital Partners LLP purchased a new stake in Hesai Group during the 1st quarter worth approximately $1,141,000. Renaissance Technologies LLC increased its position in shares of Hesai Group by 44.1% during the second quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock worth $208,000 after acquiring an additional 15,200 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Hesai Group during the first quarter worth $352,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Hesai Group by 47.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock valued at $138,000 after acquiring an additional 9,500 shares in the last quarter. Finally, EntryPoint Capital LLC boosted its holdings in Hesai Group by 34.2% in the first quarter. EntryPoint Capital LLC now owns 19,254 shares of the company’s stock valued at $97,000 after purchasing an additional 4,912 shares during the period. Hedge funds and other 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.