Phoenix Financial Ltd. Makes New $260,000 Investment in Joby Aviation, Inc. (NYSE:JOBY)

Key Points

• Phoenix Financial Ltd. has acquired a new position by purchasing 43,000 shares of Joby Aviation, valued at approximately $260,000 in the first quarter of this year.
• Several institutional investors, including Raymond James Financial and GAMMA Investing LLC, have significantly increased their stakes in Joby Aviation, raising institutional ownership to 52.85%.
• Joby Aviation's stock ratings vary, with analysts issuing a consensus price target of $9.33 and one analyst maintaining a sell rating on the stock.

Phoenix Financial Ltd. bought a new position in Joby Aviation, Inc. (NYSE:JOBY - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 43,000 shares of the company's stock, valued at approximately $260,000.

Several other institutional investors have also recently made changes to their positions in JOBY. Toyota Motor Corp bought a new stake in shares of Joby Aviation in the 4th quarter worth about $640,259,000. Uber Technologies Inc purchased a new position in Joby Aviation in the 4th quarter worth about $207,842,000. Vanguard Group Inc. increased its stake in Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock worth $380,163,000 after buying an additional 6,388,232 shares during the period. Nuveen Asset Management LLC increased its stake in Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock worth $34,634,000 after buying an additional 3,272,597 shares during the period. Finally, Rheos Capital Works Inc. increased its stake in Joby Aviation by 89.4% in the 1st quarter. Rheos Capital Works Inc. now owns 4,555,000 shares of the company's stock worth $27,421,000 after buying an additional 2,150,000 shares during the period. Institutional investors own 52.85% of the company's stock.

Joby Aviation Price Performance

Shares of NYSE:JOBY traded up $0.36 during trading hours on Wednesday, hitting $17.25. The company's stock had a trading volume of 10,048,888 shares, compared to its average volume of 19,705,824. Joby Aviation, Inc. has a 52 week low of $4.66 and a 52 week high of $18.55. The company has a market capitalization of $13.65 billion, a price-to-earnings ratio of -20.49 and a beta of 2.47. The firm's fifty day moving average price is $10.81 and its 200 day moving average price is $8.25.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate 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 period last year, the company posted ($0.14) earnings per share. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 500,001 shares of Joby Aviation stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $12.38, for a total value of $6,190,012.38. Following the transaction, the director owned 57,328,059 shares of the company's stock, valued at $709,721,370.42. The trade was a 0.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joeben Bevirt sold 472,000 shares of Joby Aviation stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $9.82, for a total transaction of $4,635,040.00. Following the completion of the transaction, the chief executive officer directly owned 360,999 shares in the company, valued at approximately $3,545,010.18. The trade was a 56.66% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,867,653 shares of company stock worth $19,256,442. 32.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on JOBY. 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 note on Friday, April 11th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Monday, June 23rd. HC Wainwright reaffirmed a "buy" rating and issued a $13.00 price target (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Wall Street Zen upgraded shares of Joby Aviation from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $12.00 price target on shares of Joby Aviation in a report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Joby Aviation presently has an average rating of "Hold" and an average target price of $9.33.

About Joby Aviation

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.