Amova Asset Management Americas Inc. Has $22.12 Million Position in Joby Aviation, Inc. $JOBY

Key Points

• Amova Asset Management Americas boosted its stake in Joby Aviation by 48.1% in the first quarter, ending with 2.68 million shares worth about $22.1 million.
• Joby Aviation shares were up 3.7% in Tuesday trading at $7.50, with the stock still well below its 52-week high of $20.95.
• The company beat its latest earnings expectations, reporting a smaller-than-expected loss of ($0.12) per share and revenue of $24.25 million, while analysts currently have an average rating of “Reduce” with a $13.64 target price.

Amova Asset Management Americas Inc. raised its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 48.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,678,495 shares of the company's stock after purchasing an additional 870,244 shares during the quarter. Amova Asset Management Americas Inc. owned approximately 0.27% of Joby Aviation worth $22,124,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Fifth Third Bancorp grew its position in shares of Joby Aviation by 207.4% in the fourth 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. EverSource Wealth Advisors LLC increased its position in Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after buying an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Joby Aviation during the fourth quarter worth $28,000. Pandora Wealth Inc. bought a new stake in shares of Joby Aviation in the fourth quarter valued at about $32,000. Finally, DV Equities LLC acquired a new position in shares of Joby Aviation in the fourth quarter valued at about $33,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Trading Up 3.7%

JOBY opened at $7.50 on Tuesday. Joby Aviation, Inc. has a twelve month low of $6.89 and a twelve month high of $20.95. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36. The company has a fifty day moving average of $9.57 and a 200-day moving average of $10.29. The stock has a market cap of $7.37 billion, a PE ratio of -6.52 and a beta of 2.71.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The business had revenue of $24.25 million for the quarter, compared to analysts' expectations of $20.17 million. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Insider Transactions at Joby Aviation

In related news, insider Kate Dehoff sold 14,240 shares of the business's stock in a transaction on Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total transaction of $110,075.20. Following the transaction, the insider owned 180,179 shares in the company, valued at $1,392,783.67. The trade was a 7.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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. Also, CEO Joeben Bevirt sold 421,019 shares of the firm's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the completion of the sale, the chief executive officer owned 31,678,802 shares of the company's stock, valued at $328,825,964.76. The trade was a 1.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,125,580 shares of company stock valued at $12,172,117. 20.35% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on JOBY shares. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a research report on Wednesday, May 6th. Morgan Stanley lowered their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 6th. Wall Street Zen upgraded Joby Aviation from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Canaccord Genuity Group decreased their price target on Joby Aviation from $15.50 to $11.50 and set a "hold" rating on the stock in a research note on Thursday, May 7th. Finally, Weiss Ratings raised Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Joby Aviation currently has an average rating of "Reduce" and an average target price of $13.64.

About Joby Aviation

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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