Marguerite Henry's beloved novel Misty of Chincoteague is given a charmingly old fashioned cinemadaptation in this 1961 second feature. David Ladd (son of Alan) plays a pre-teen boy who with his sister Pam Smith live with their grandparents on a Virginia coastal island. Each year, the local citizens celebrate Pony-Penning day, when they round up the wild ponies on the neighboring islands to sell them at auction. Ladd and Smith capture a mare known as "Phantom" because it has never previously been corralled by the locals. The kids hope to buy Phantom's colt Misty, but are disheartened when a stranger purchases both colt and mare. With the help of the sympathetic townspeople, a happy ending is secured.
~ Hal Erickson, All Movie Guide