Pony AI (NASDAQ:PONY) Trading Down 9.9% – Here’s What Happened

Shares of Pony AI Inc. (NASDAQ:PONY) fell 9.9% during trading on Tuesday . The company traded as low as $17.02 and last traded at $17.02. 787,500 shares changed hands during trading, a decline of 41% from the average session volume of 1,340,061 shares. The stock had previously closed at $18.88.

Analyst Upgrades and Downgrades

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

Pony AI Price Performance

The business has a 50-day moving average price of $14.51.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Pinpoint Asset Management Ltd bought a new stake in Pony AI during the fourth quarter valued at approximately $108,000. Barclays PLC purchased a new stake in shares of Pony AI during the 4th quarter valued at $212,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Pony AI during the 4th quarter worth $281,000. Walleye Capital LLC bought a new stake in shares of Pony AI during the 4th quarter worth $402,000. Finally, Ovata Capital Management Ltd purchased a new position in Pony AI in the fourth quarter worth $538,000.

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.