This Tesla Rival Is Starting To Fizzle Out Despite Bullish Analyst Consensus: Momentum Score Drops

Chinese autonomous vehicle technology company Pony AI Inc. (NASDAQ:PONY) is starting to see its Momentum fade in recent weeks, despite a string of favorable developments.

The company makes the hardware and software that enable autonomous driving in vehicles, and as a result, competes head-on with the likes of Alphabet Inc.’s (NASDAQ:GOOG) and Tesla Inc.’s (NASDAQ:TSLA) upcoming robotaxis, while partnering with ride-hailing services such as Uber Technologies Inc. (NYSE:UBER).

Tesla Rival’s Momentum Score Drops

The Momentum score in Benzinga’s Edge Stock Rankings assesses the strength of a stock, primarily taking into consideration its price movements and volatility, before ranked as a percentile relative to others.

See Also: XPeng’s Self-Driving AI Learns To Tune Out The Noise

Pony AI has seen its Momentum score drop from 80.69 to 43.89 within the span of a week, primarily owing to its choppy performance over the past few weeks, with no major fundamental catalyst to drive the price action.

The stock, however, rallied 10.83% on Friday, ending the week at $16.07 per share, after analysts at Hong Kong’s CLSA initiated coverage of the stock, with an “Outperform” rating, and a Price Target of $22, according to a report by Briefing. This marks an upside of 36% from current levels.

Pony’s consensus price target stands at $22.36 per share, representing an upside of 39.14% from current levels. The stock scores high on Momentum in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short and long terms. Click here for deeper insights into the stock.

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