CICC Research has commenced coverage of Hesai Group (NASDAQ:HSAI), issuing an “outperform” rating along with a price target of $23.50. This target indicates a potential upside of approximately 15.96% from the stock’s previous closing price. The report, released on November 11, 2023, aligns Hesai Group with several other positive assessments from various financial institutions.
The latest report follows a series of upgrades and ratings adjustments from different analysts. Notably, The Goldman Sachs Group raised its price target for Hesai Group from $26.30 to $36.00 on September 22, 2023, maintaining a “buy” rating. Similarly, Morgan Stanley upgraded the stock from “equal weight” to “overweight,” adjusting their price target to $26.00. Additionally, UBS Group initiated coverage with a “buy” rating and a price objective of $35.00, while Sanford C. Bernstein classified the stock as a “strong-buy” in a research note.
Currently, Hesai Group enjoys a consensus rating of “buy” from analysts, with an average price target of $30.80. Analysts have categorized the stock with two “strong buy” ratings, six “buy” ratings, and one “hold” rating.
Recent Earnings and Financial Performance
Hesai Group recently reported its quarterly earnings on November 11, 2023, revealing earnings per share (EPS) of $0.25. This figure surpassed the consensus estimate of $0.11 by $0.14. The company reported a net margin of 15.70% and a return on equity of 8.04%, showcasing a strong financial performance despite reporting revenue of $111.70 million, which fell short of analysts’ expectations of $116.11 million.
Looking ahead, analysts predict that Hesai Group will achieve an EPS of -0.14 for the current fiscal year, indicating a cautious outlook amidst recent performance.
Institutional Investments in Hesai Group
Recent trading activity reflects a growing interest in Hesai Group among institutional investors. Several hedge funds have adjusted their positions in the company. Bessemer Group Inc. established a new stake during the second quarter, valued at approximately $33,000. Legal & General Group Plc also acquired a new position in the third quarter worth around $71,000. Other notable transactions include Quantbot Technologies LP, which purchased shares valued at about $123,000.
Furthermore, JTC Employer Solutions Trustee Ltd significantly increased its holdings in Hesai Group by 117.6%, now owning 6,231 shares valued at approximately $137,000 after acquiring an additional 3,368 shares.
Currently, institutional investors and hedge funds hold approximately 48.53% of Hesai Group’s stock, indicating strong institutional confidence in the company’s future.
Hesai Group specializes in developing, manufacturing, and selling three-dimensional light detection and ranging (LiDAR) solutions. Its products are widely used in various sectors, including passenger and commercial vehicles equipped with advanced driver assistance systems, autonomous mobility services, delivery robots, and more.
As the market evolves, Hesai Group’s positioning within the technology sector continues to attract attention and investment, underscoring the company’s potential for future growth and innovation.
