Pony AI (NASDAQ:PONY) Trading Up 8.6% – Here’s What Happened

Pony AI Inc. (NASDAQ:PONY)’s stock price shot up 8.6% on Friday . The company traded as high as $13.92 and last traded at $13.91. 674,029 shares changed hands during trading, a decline of 53% from the average session volume of 1,429,057 shares. The stock had previously closed at $12.81.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PONY shares. Bank of America started coverage on shares of Pony AI in a report on Monday, December 23rd. They set a “buy” rating and a $18.00 price objective on the stock. 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 target on the stock. Finally, Deutsche Bank Aktiengesellschaft started coverage on Pony AI in a research note on Tuesday, January 14th. They issued a “buy” rating and a $20.00 price target on the stock.

Pony AI Stock Performance

The stock’s fifty day moving average price is $14.84.

Hedge Funds Weigh In On Pony AI

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