Pony AI (NASDAQ:PONY) Stock Price Up 8.6% – Here’s What Happened

Pony AI Inc. – Sponsored ADR (NASDAQ:PONY) shares shot up 8.6% during mid-day trading on Thursday . The stock traded as high as $7.27 and last traded at $7.4140. Approximately 1,228,509 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 4,314,058 shares. The stock had previously closed at $6.83.

Analyst Ratings Changes

Several analysts have commented on the stock. Macquarie Infrastructure restated an “outperform” rating and set a $24.00 target price on shares of Pony AI in a report on Tuesday, May 26th. Barclays reduced their price target on shares of Pony AI from $15.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, March 30th. Zacks Research raised shares of Pony AI from a “strong sell” rating to a “hold” rating in a research report on Monday, May 25th. The Goldman Sachs Group set a $30.00 price objective on shares of Pony AI in a report on Thursday, April 16th. Finally, HSBC assumed coverage on shares of Pony AI in a research report on Tuesday, March 31st. They issued a “buy” rating and a $16.60 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $19.95.

Pony AI Price Performance

The stock’s 50-day moving average price is $7.97 and its 200 day moving average price is $10.91. The firm has a market cap of $2.75 billion, a P/E ratio of -19.81 and a beta of 4.04.

Pony AI (NASDAQ:PONY) last released its earnings results on Tuesday, May 26th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. The business had revenue of $34.25 million during the quarter, compared to the consensus estimate of $22.30 million. Pony AI had a negative net margin of 128.22% and a negative return on equity of 17.13%. As a group, analysts forecast that Pony AI Inc. – Sponsored ADR will post -0.67 EPS for the current fiscal year.

Insider Activity

In related news, CFO Haojun Wang sold 13,751 shares of the business’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $6.86, for a total transaction of $94,331.86. Following the transaction, the chief financial officer directly owned 1,442,504 shares in the company, valued at approximately $9,895,577.44. The trade was a 0.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Ning Zhang sold 17,347 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $6.86, for a total transaction of $119,000.42. Following the sale, the vice president directly owned 630,109 shares in the company, valued at $4,322,547.74. This trade represents a 2.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 45,558 shares of company stock valued at $312,528.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. acquired a new position in shares of Pony AI during the 1st quarter worth about $139,000. Invesco Ltd. acquired a new stake in Pony AI in the 2nd quarter valued at about $206,000. First Trust Advisors LP bought a new position in Pony AI during the second quarter worth about $276,000. Marshall Wace LLP grew its holdings in Pony AI by 4.7% during the second quarter. Marshall Wace LLP now owns 265,503 shares of the company’s stock worth $3,505,000 after purchasing an additional 11,986 shares during the period. Finally, Daiwa Securities Group Inc. acquired a new position in Pony AI during the second quarter worth approximately $64,000.

About Pony AI

Pony AI Inc develops and commercializes autonomous driving technologies for passenger mobility, freight transportation and other applications. Its proprietary Virtual Driver platform integrates software, hardware and services, while its PonyWorld world model supports the development and deployment of its autonomous driving systems. The company operates three primary business lines: Robotaxi services, Robotruck services and Intelligent Solutions, which include autonomous driving domain controllers and other technology products and services for automakers and industry customers.

Founded in late 2016 in Fremont, California, by Jun “James” Peng and Tiancheng Lou, Pony.ai is headquartered in Guangzhou, China.