Pony AI (NASDAQ:PONY) Shares Gap Down – Here’s What Happened

Pony AI Inc. (NASDAQ:PONY)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $13.21, but opened at $12.81. Pony AI shares last traded at $12.68, with a volume of 552,454 shares trading hands.

Analysts Set New Price Targets

PONY has been the subject of a number of research reports. 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 assumed coverage on Pony AI in a research note on Monday, December 23rd. They issued a “buy” rating and a $19.60 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Pony AI in a research report on Tuesday, January 14th. They set a “buy” rating and a $20.00 price target for the company.

Pony AI Stock Performance

The firm’s 50-day moving average is $14.63.

Pony AI (NASDAQ:PONY) last issued its quarterly earnings results on Tuesday, March 25th. The company reported ($0.99) earnings per share for the quarter. Research analysts anticipate that Pony AI Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pony AI

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

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.