Mitsubishi UFJ Asset Management Co. Ltd. Sells 170,174 Shares of Hesai Group (NASDAQ:HSAI)

Mitsubishi UFJ Asset Management Co. Ltd. trimmed its holdings in Hesai Group (NASDAQ:HSAI) by 33.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 343,214 shares of the company’s stock after selling 170,174 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Hesai Group were worth $4,743,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of HSAI. Main Management ETF Advisors LLC acquired a new stake in Hesai Group in the 3rd quarter worth approximately $924,000. Polunin Capital Partners Ltd raised its position 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 valued at $16,733,000 after purchasing an additional 183,417 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in shares of 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 worth $608,000 after buying an additional 14,500 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Hesai Group during the 4th quarter worth $177,000. Finally, Jane Street Group LLC grew its stake in Hesai Group by 11.9% in the 3rd 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. Institutional investors and hedge funds own 48.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on HSAI. Morgan Stanley cut shares of Hesai Group from an “overweight” rating to an “equal weight” rating and upped their price target for the company 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. The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $5.50 to $18.40 in a report on Tuesday, January 14th. Finally, Daiwa Capital Markets initiated coverage on Hesai Group in a research report on Tuesday, March 11th. They issued a “buy” rating and a $35.00 price objective for the company.

Hesai Group Trading Up 17.8 %

Shares of HSAI opened at $17.43 on Wednesday. The stock’s 50-day moving average price is $17.55 and its 200 day moving average price is $11.40. The company has a quick ratio of 2.65, a current ratio of 3.08 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -39.61, a P/E/G ratio of 1.44 and a beta of 1.07. Hesai Group has a 12-month low of $3.52 and a 12-month 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.