143,893 Shares in Joby Aviation, Inc. $JOBY Acquired by Edgestream Partners L.P.

Key Points

• Edgestream Partners acquired 143,893 Joby Aviation shares in the first quarter, valued at approximately $1.19 million. Institutional investors and hedge funds collectively own 52.85% of JOBY.
• Analyst sentiment remains cautious: JOBY has an average MarketBeat rating of “Reduce” and an average price target of $13.64, with recent target cuts from Canaccord Genuity and Morgan Stanley.
• JOBY was trading at $7.37, near its 52-week low of $6.63. Although quarterly revenue and adjusted EPS exceeded estimates, the company remains deeply unprofitable, and insiders have sold 1.13 million shares worth about $12.2 million over the past 90 days.

Edgestream Partners L.P. bought a new stake in Joby Aviation, Inc. (NYSE:JOBY - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 143,893 shares of the company's stock, valued at approximately $1,189,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of JOBY. Fifth Third Bancorp boosted its holdings in shares of Joby Aviation by 207.4% in the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company's stock valued at $26,000 after purchasing an additional 1,348 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Joby Aviation during the 4th quarter worth $28,000. Ancora Advisors LLC acquired a new stake in shares of Joby Aviation during the 3rd quarter worth $35,000. Pandora Wealth Inc. purchased a new position in shares of Joby Aviation in the 4th quarter worth $32,000. Finally, DV Equities LLC purchased a new position in shares of Joby Aviation in the 4th quarter worth $33,000. Institutional investors and hedge funds own 52.85% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on JOBY shares. Needham & Company LLC reissued a "buy" rating and set a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Weiss Ratings upgraded Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 14th. Wall Street Zen upgraded Joby Aviation from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Canaccord Genuity Group dropped their target price on shares of Joby Aviation from $15.50 to $11.50 and set a "hold" rating for the company in a research report on Thursday, May 7th. Finally, Morgan Stanley cut their price target on shares of Joby Aviation from $15.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $13.64.

Joby Aviation Trading Up 3.0%

NYSE JOBY opened at $7.37 on Tuesday. The stock has a market cap of $7.25 billion, a P/E ratio of -6.41 and a beta of 2.73. The company's fifty day simple moving average is $8.93 and its 200-day simple moving average is $9.75. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. Joby Aviation, Inc. has a 52 week low of $6.63 and a 52 week high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.09. The firm had revenue of $24.25 million for the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same quarter in the previous year, the firm posted ($0.11) EPS. Equities research analysts predict that Joby Aviation, Inc. will post -0.89 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Eric Allison sold 27,932 shares of the stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $7.53, for a total value of $210,327.96. Following the completion of the transaction, the insider owned 710,396 shares of the company's stock, valued at approximately $5,349,281.88. This represents a 3.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 14,240 shares of the firm's stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total value of $110,075.20. Following the sale, the insider owned 180,179 shares of the company's stock, valued at approximately $1,392,783.67. This trade represents a 7.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 1,125,580 shares of company stock valued at $12,172,117. Company insiders own 20.35% of the company's stock.

Joby Aviation Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company's core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby's eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company's flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.

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