Pony AI (NASDAQ:PONY) Hits New 12-Month High – Here’s Why

Pony AI Inc. (NASDAQ:PONY) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $18.49 and last traded at $18.31, with a volume of 3040961 shares trading hands. The stock had previously closed at $16.54.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PONY. The Goldman Sachs Group began coverage on Pony AI in a research note on Monday, December 23rd. They issued a “buy” rating and a $19.60 target price for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Pony AI in a research note on Tuesday, January 14th. They issued a “buy” rating and a $20.00 target price for the company. Finally, Bank of America initiated coverage on Pony AI in a research note on Monday, December 23rd. They set a “buy” rating and a $18.00 price target for the company.

Pony AI Price Performance

The business’s 50 day moving average price is $13.99.

Hedge Funds Weigh In On Pony AI

A number of hedge funds have recently added to or reduced their stakes in the stock. Woodline Partners LP acquired a new position in Pony AI during the 4th quarter valued at about $2,206,000. Squarepoint Ops LLC bought a new position in shares of Pony AI during the 4th quarter worth approximately $691,000. Toyota Motor Corp bought a new position in shares of Pony AI during the 4th quarter worth approximately $647,421,000. Millennium Management LLC bought a new position in shares of Pony AI during the 4th quarter worth approximately $596,000. Finally, LMR Partners LLP bought a new position in shares of Pony AI during the 4th quarter worth approximately $1,435,000.

About Pony AI

Pony AI Inc, through its subsidiaries, engages in the autonomous mobility principally in the People’s Republic of China and the United States. The company provides robotruck services, such as transportation services to the logistics platforms. Pony AI Inc is based in Guangzhou, the People’s Republic of China.