Bank of America Corp DE Reduces Holdings in Pony AI Inc. - Sponsored ADR $PONY

Key Points

• Bank of America cut its Pony AI stake by 53.5% in the first quarter, selling 158,866 shares and retaining 137,854 shares valued at approximately $1.3 million.
• Other major investors increased their positions substantially, including TMT General Partner, Tiger Global, FIL and Marshall Wace. Analysts remain generally positive, with seven Buy ratings, two Holds and one Sell, producing a “Moderate Buy” consensus and an average price target of $19.57.
• Pony AI shares opened at $7.35, near the lower end of their 52-week range of $6.36 to $24.92. Company insiders sold 45,558 shares worth about $312,528 over the past 90 days.

Bank of America Corp DE lessened its stake in shares of Pony AI Inc. - Sponsored ADR (NASDAQ:PONY - Free Report) by 53.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,854 shares of the company's stock after selling 158,866 shares during the quarter. Bank of America Corp DE's holdings in Pony AI were worth $1,301,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. TMT General Partner Ltd grew its holdings in Pony AI by 262.1% during 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Pony AI during the third quarter valued at approximately $89,174,000. Tiger Global Management LLC raised its position in shares of Pony AI by 683.8% during the 4th 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 period. FIL Ltd lifted its stake in Pony AI by 466.9% in the fourth quarter. FIL Ltd now owns 2,284,012 shares of the company's stock valued at $33,118,000 after buying an additional 1,881,128 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Pony AI by 239.6% during the fourth quarter. Marshall Wace LLP now owns 2,502,711 shares of the company's stock valued at $36,289,000 after acquiring an additional 1,765,718 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PONY. Weiss Ratings lowered Pony AI from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, June 11th. Macquarie Infrastructure reiterated an "outperform" rating and issued a $24.00 target price on shares of Pony AI in a research report on Tuesday, May 26th. BNP Paribas Exane upgraded shares of Pony AI from a "neutral" rating to an "outperform" rating in a report on Thursday, August 20th. Jefferies Financial Group reiterated a "buy" rating on shares of Pony AI in a research note on Tuesday, August 18th. Finally, Bank of America cut their target price on Pony AI from $19.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, August 18th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.57.

Insiders Place Their Bets

In other news, CFO Haojun Wang sold 13,751 shares of the firm's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $6.86, for a total transaction of $94,331.86. Following the sale, the chief financial officer owned 1,442,504 shares of the company's stock, valued at $9,895,577.44. This trade represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Luyi Mo sold 14,460 shares of the business's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $6.86, for a total transaction of $99,195.60. Following the sale, the vice president directly owned 350,156 shares in the company, valued at $2,402,070.16. This trade represents a 3.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 45,558 shares of company stock worth $312,528 over the last ninety days.

Pony AI Trading Up 1.9%

NASDAQ:PONY opened at $7.35 on Friday. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of -20.42 and a beta of 3.87. Pony AI Inc. - Sponsored ADR has a 1-year low of $6.36 and a 1-year high of $24.92. The business's 50-day moving average price is $7.41 and its two-hundred day moving average price is $9.30.

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.

Want to see what other hedge funds are holding PONY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pony AI Inc. - Sponsored ADR (NASDAQ:PONY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source