Mitsubishi UFJ Asset Management Co. Ltd. Reduces Position in Hesai Group (NASDAQ:HSAI)

Mitsubishi UFJ Asset Management Co. Ltd. lowered its stake in Hesai Group (NASDAQ:HSAI - Free Report) by 33.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 343,214 shares of the company's stock after selling 170,174 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.27% of Hesai Group worth $4,743,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in HSAI. Polunin Capital Partners Ltd increased its stake in shares of Hesai Group by 17.9% in the fourth quarter. Polunin Capital Partners Ltd now owns 1,210,817 shares of the company's stock worth $16,733,000 after acquiring an additional 183,417 shares during the period. Main Management ETF Advisors LLC acquired a new position in shares of Hesai Group in the 3rd quarter valued at about $924,000. Jane Street Group LLC boosted its stake in shares of Hesai Group by 11.9% in the third quarter. Jane Street Group LLC now owns 48,943 shares of the company's stock worth $230,000 after buying an additional 5,186 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in Hesai Group by 49.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 44,000 shares of the company's stock valued at $608,000 after acquiring an additional 14,500 shares during the period. Finally, Fox Run Management L.L.C. purchased a new stake in Hesai Group in the 4th quarter worth approximately $177,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Morgan Stanley downgraded shares of Hesai Group from an "overweight" rating to an "equal weight" rating and increased their price target for the stock from $5.80 to $15.00 in a report on Monday, January 13th. Daiwa America raised Hesai Group to a "strong-buy" rating in a report on Tuesday, March 11th. Daiwa Capital Markets began coverage on shares of Hesai Group in a research note on Tuesday, March 11th. They issued a "buy" rating and a $35.00 price target on the stock. Finally, The Goldman Sachs Group upgraded shares of Hesai Group from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $5.50 to $18.40 in a research report on Tuesday, January 14th.

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Hesai Group Trading Down 9.3 %

Hesai Group stock traded down $1.56 during midday trading on Friday, hitting $15.27. 4,392,628 shares of the stock were exchanged, compared to its average volume of 1,988,291. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of -34.70, a PEG ratio of 1.44 and a beta of 1.35. The stock's 50-day simple moving average is $17.62 and its 200 day simple moving average is $11.66. Hesai Group has a fifty-two week low of $3.52 and a fifty-two week high of $24.18.

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.