Pony AI (NASDAQ:PONY) Shares Down 12.4% – Here’s Why

Pony AI Inc. (NASDAQ:PONY)’s stock price was down 12.4% on Monday . The stock traded as low as $13.27 and last traded at $13.31. Approximately 2,494,958 shares were traded during mid-day trading, an increase of 74% from the average daily volume of 1,433,024 shares. The stock had previously closed at $15.20.

Wall Street Analyst Weigh In

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

Pony AI Stock Up 1.8 %

The company has a 50-day moving average price of $14.90.

Institutional Investors Weigh In On Pony AI

Institutional investors and hedge funds have recently modified their holdings of the stock. Toyota Motor Corp bought a new stake in Pony AI in the 4th quarter valued at $647,421,000. Ontario Teachers Pension Plan Board bought a new stake in shares of Pony AI in the fourth quarter worth about $310,559,000. IDG China Venture Capital Fund IV Associates L.P. purchased a new stake in shares of Pony AI in the fourth quarter worth about $144,973,000. IDG China Capital Fund III Associates L.P. purchased a new stake in shares of Pony AI in the fourth quarter worth about $93,700,000. Finally, Aspex Management HK Ltd bought a new position in Pony AI during the fourth quarter valued at approximately $34,091,000.

Pony AI Company Profile

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.