Bryce Point Capital LLC Takes $94,000 Position in Joby Aviation, Inc. (NYSE:JOBY)

Key Points

• Bryce Point Capital LLC acquired 15,594 shares of Joby Aviation, Inc. for approximately $94,000 during the first quarter, signaling institutional interest in the company.
• Joby Aviation has seen a mixed reception from analysts, with target prices ranging from $7.00 to $13.00 and an average consensus rating of "Hold."
• Insider trading activity has been notable, with insiders selling a total of 1,867,653 shares worth $19.3 million over the past 90 days, indicating a significant level of insider selling.

Bryce Point Capital LLC acquired a new position in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 15,594 shares of the company's stock, valued at approximately $94,000.

Several other hedge funds also recently modified their holdings of JOBY. NewEdge Advisors LLC grew its holdings in Joby Aviation by 9.9% in the fourth quarter. NewEdge Advisors LLC now owns 21,505 shares of the company's stock worth $175,000 after purchasing an additional 1,935 shares during the period. Xponance Inc. boosted its position in shares of Joby Aviation by 6.5% during the 1st quarter. Xponance Inc. now owns 32,635 shares of the company's stock worth $196,000 after purchasing an additional 1,993 shares in the last quarter. Gallagher Fiduciary Advisors LLC grew its stake in shares of Joby Aviation by 3.1% in the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company's stock valued at $543,000 after buying an additional 2,000 shares during the period. California State Teachers Retirement System increased its position in Joby Aviation by 1.1% in the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company's stock valued at $1,512,000 after buying an additional 2,065 shares in the last quarter. Finally, Brown Advisory Inc. raised its stake in Joby Aviation by 23.6% during the 1st quarter. Brown Advisory Inc. now owns 13,905 shares of the company's stock worth $84,000 after buying an additional 2,655 shares during the period. Institutional investors own 52.85% of the company's stock.

Joby Aviation Stock Down 5.2%

NYSE:JOBY traded down $0.94 during trading hours on Monday, hitting $17.16. 36,803,748 shares of the company traded hands, compared to its average volume of 39,962,208. The company has a market cap of $13.59 billion, a PE ratio of -20.43 and a beta of 2.47. The firm's 50-day simple moving average is $10.61 and its 200-day simple moving average is $8.19. Joby Aviation, Inc. has a one year low of $4.66 and a one year high of $18.55.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. During the same quarter last year, the company earned ($0.14) EPS. As a group, equities research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. HC Wainwright reissued a "buy" rating and issued a $13.00 price objective (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Canaccord Genuity Group restated a "buy" rating and set a $12.00 price target on shares of Joby Aviation in a research note on Wednesday, June 4th. Wall Street Zen upgraded shares of Joby Aviation from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a research report on Monday, June 23rd. Finally, Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $9.33.

Insider Transactions at Joby Aviation

In related news, insider Eric Allison sold 27,538 shares of Joby Aviation stock in a transaction on Monday, July 14th. The stock was sold at an average price of $11.97, for a total transaction of $329,629.86. Following the sale, the insider directly owned 660,076 shares in the company, valued at approximately $7,901,109.72. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Didier Papadopoulos sold 5,102 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $10.28, for a total value of $52,448.56. Following the completion of the transaction, the insider directly owned 84,953 shares in the company, valued at approximately $873,316.84. This represents a 5.67% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,867,653 shares of company stock worth $19,256,442. Company insiders own 32.40% of the company's stock.

Joby Aviation Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.