Pony AI (NASDAQ:PONY) Shares Gap Up on Better-Than-Expected Earnings

Pony AI Inc. – Sponsored ADR (NASDAQ:PONY)’s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $8.92, but opened at $10.30. Pony AI shares last traded at $9.44, with a volume of 5,618,496 shares traded.

The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. The firm had revenue of $34.25 million for the quarter, compared to analysts’ expectations of $22.30 million. Pony AI had a negative return on equity of 19.90% and a negative net margin of 148.85%.

Wall Street Analysts Forecast Growth

PONY has been the subject of a number of analyst reports. HSBC initiated coverage on shares of Pony AI in a research note on Tuesday, March 31st. They issued a “buy” rating and a $16.60 price objective for the company. Wall Street Zen downgraded shares of Pony AI from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Barclays decreased their price target on Pony AI from $15.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, March 30th. The Goldman Sachs Group set a $30.00 price objective on Pony AI in a research report on Thursday, April 16th. Finally, Zacks Research lowered Pony AI from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.58.

Hedge Funds Weigh In On Pony AI

Several institutional investors have recently added to or reduced their stakes in the company. TMT General Partner Ltd increased its stake in Pony AI by 262.1% in the 1st quarter. TMT General Partner Ltd now owns 6,942,135 shares of the company’s stock worth $65,534,000 after acquiring an additional 5,024,721 shares during the last quarter. Aspex Management HK Ltd boosted its position in shares of Pony AI by 728.1% during the 3rd quarter. Aspex Management HK Ltd now owns 4,140,447 shares of the company’s stock valued at $93,119,000 after acquiring an additional 3,640,447 shares during the last quarter. Lingotto Investment Management LLP boosted its position in shares of Pony AI by 72.6% during the 4th quarter. Lingotto Investment Management LLP now owns 4,107,512 shares of the company’s stock valued at $59,559,000 after acquiring an additional 1,727,620 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Pony AI in the third quarter valued at $89,174,000. Finally, Tiger Global Management LLC increased its position in Pony AI by 683.8% in the fourth quarter. Tiger Global Management LLC now owns 2,900,000 shares of the company’s stock worth $42,050,000 after purchasing an additional 2,530,000 shares during the last quarter.

Pony AI Stock Up 3.9%

The stock’s 50 day moving average is $9.91 and its 200-day moving average is $12.83. The company has a market cap of $3.57 billion, a PE ratio of -25.75 and a beta of 4.10.

About Pony AI

Pony.ai develops autonomous driving technologies for passenger and goods transportation. The company offers an end-to-end self-driving stack that combines perception, planning and control systems with proprietary hardware and software. Pony.ai’s solutions support robotaxi services and advanced driver-assistance system (ADAS) deployments across urban and suburban environments.

Founded in late 2016 by James Peng and Sean Gong, Pony.ai operates research and development centers in Fremont, California, as well as in Guangzhou and Beijing, China.