Pony AI (NASDAQ:PONY) Shares Down 6.7% – Here’s Why

Pony AI Inc. – Sponsored ADR (NASDAQ:PONY)’s share price traded down 6.7% during mid-day trading on Friday . The company traded as low as $6.46 and last traded at $6.5150. Approximately 1,392,762 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 4,363,713 shares. The stock had previously closed at $6.98.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PONY. 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. BNP Paribas Exane began coverage on shares of Pony AI in a research note on Thursday, March 26th. They set a “neutral” rating and a $12.50 target price for the company. The Goldman Sachs Group set a $30.00 price target on Pony AI in a research note on Thursday, April 16th. Weiss Ratings downgraded Pony AI from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Finally, Barclays lowered their price objective on Pony AI from $15.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Pony AI presently has an average rating of “Moderate Buy” and a consensus price target of $19.95.

Pony AI Trading Down 4.5%

The firm’s fifty day moving average price is $8.20 and its 200-day moving average price is $11.22. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -18.52 and a beta of 4.04.

Pony AI (NASDAQ:PONY) last announced its quarterly 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. Pony AI had a negative net margin of 128.22% and a negative return on equity of 17.13%. The firm had revenue of $34.25 million during the quarter, compared to analysts’ expectations of $22.30 million. On average, sell-side analysts expect that Pony AI Inc. – Sponsored ADR will post -0.67 earnings per share for the current year.

Insider Activity at Pony AI

In related news, VP Ning Zhang sold 17,347 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $6.86, for a total value of $119,000.42. Following the completion of the sale, the vice president directly owned 630,109 shares of the company’s stock, valued at $4,322,547.74. This represents a 2.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Haojun Wang sold 13,751 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $6.86, for a total value of $94,331.86. Following the transaction, the chief financial officer owned 1,442,504 shares in the company, valued at $9,895,577.44. This represents a 0.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 45,558 shares of company stock valued at $312,528 in the last three months.

Hedge Funds Weigh In On Pony AI

Institutional investors have recently modified their holdings of the business. PensionDanmark Pensionsforsikringsaktieselskab raised its position in Pony AI by 93.3% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 145,000 shares of the company’s stock valued at $1,008,000 after purchasing an additional 70,000 shares during the last quarter. Quantinno Capital Management LP acquired a new position in Pony AI in the first quarter valued at $1,042,000. First Trust Advisors LP raised its holdings in shares of Pony AI by 32.3% in the first quarter. First Trust Advisors LP now owns 13,264 shares of the company’s stock valued at $125,000 after buying an additional 3,236 shares during the last quarter. TMT General Partner Ltd boosted its stake in shares of Pony AI by 262.1% during the first quarter. TMT General Partner Ltd now owns 6,942,135 shares of the company’s stock worth $65,534,000 after buying an additional 5,024,721 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in shares of Pony AI during the first quarter worth about $553,000.

Pony AI Company Profile

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.