Hesai Group (NASDAQ:HSAI) Cut to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of Hesai Group (NASDAQ:HSAI) from an overweight rating to an equal weight rating in a research note released on Monday morning, Marketbeat reports. Morgan Stanley currently has $15.00 price objective on the stock, up from their prior price objective of $5.80.

Hesai Group Trading Up 0.8 %

Shares of NASDAQ HSAI opened at $15.12 on Monday. The business has a fifty day moving average price of $9.85 and a 200 day moving average price of $6.30. Hesai Group has a 1-year low of $3.28 and a 1-year high of $16.35. 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 stock has a market capitalization of $1.92 billion, a P/E ratio of -34.36 and a beta of 1.24.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in Hesai Group by 44.1% in the second quarter. Renaissance Technologies LLC now owns 49,700 shares of the company’s stock valued at $208,000 after acquiring an additional 15,200 shares in the last quarter. Susquehanna Fundamental Investments LLC grew its stake in Hesai Group by 107.7% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company’s stock worth $605,000 after buying an additional 74,888 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in Hesai Group by 47.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock valued at $138,000 after buying an additional 9,500 shares in the last quarter. Jane Street Group LLC raised its stake 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 buying an additional 5,186 shares during the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in Hesai Group in the third quarter valued at about $924,000. 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.