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

Hesai Group (NASDAQ:HSAI - Get Free Report) was downgraded by stock analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a research report issued on Monday, MarketBeat.com reports. They presently have a $15.00 price objective on the stock, up from their previous price objective of $5.80. Morgan Stanley's price objective points to a potential upside of 9.97% from the stock's previous close.

Hesai Group Stock Down 10.4 %

Shares of Hesai Group stock traded down $1.58 on Monday, reaching $13.64. The stock had a trading volume of 2,393,796 shares, compared to its average volume of 3,081,414. The company has a 50 day moving average price of $9.64 and a 200 day moving average price of $6.22. The company has a quick ratio of 2.65, a current ratio of 3.08 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. The stock has a market capitalization of $1.73 billion, a P/E ratio of -31.00 and a beta of 1.24.

Institutional Trading of Hesai Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Main Management ETF Advisors LLC acquired a new position in shares of Hesai Group during the 3rd quarter worth approximately $924,000. Susquehanna Fundamental Investments LLC grew its position in shares of Hesai Group by 107.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 144,420 shares of the company's stock valued at $605,000 after purchasing an additional 74,888 shares in the last quarter. Renaissance Technologies LLC increased its stake 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 last quarter. Jane Street Group LLC raised its stake in Hesai Group by 11.9% during the third quarter. Jane Street Group LLC now owns 48,943 shares of the company's stock worth $230,000 after purchasing an additional 5,186 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in 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 during the last quarter. 48.53% of the stock is owned by institutional investors and hedge funds.

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.