Hesai Group (NASDAQ:HSAI) Rating Lowered to “Equal Weight” at Morgan Stanley

Hesai Group (NASDAQ:HSAI) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Monday, MarketBeat Ratings reports. They currently have a $15.00 target price on the stock, up from their prior target price of $5.80.

Hesai Group Stock Up 10.0 %

HSAI opened at $15.00 on Monday. The business has a 50 day moving average of $9.85 and a 200-day moving average of $6.30. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of -34.09 and a beta of 1.24. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. Hesai Group has a 1-year low of $3.28 and a 1-year high of $16.35.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HSAI. China Universal Asset Management Co. Ltd. grew its position in Hesai Group by 47.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 29,500 shares of the company’s stock worth $138,000 after buying an additional 9,500 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Hesai Group by 44.1% in the 2nd 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. Jane Street Group LLC lifted its position in shares of Hesai Group by 11.9% in the 3rd quarter. Jane Street Group LLC now owns 48,943 shares of the company’s stock worth $230,000 after acquiring an additional 5,186 shares during the period. Susquehanna Fundamental Investments LLC grew its holdings in shares of 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 purchasing an additional 74,888 shares in the last quarter. Finally, Main Management ETF Advisors LLC bought a new stake in shares of Hesai Group during the third quarter valued at approximately $924,000. 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.