Axiom Investors LLC DE Has $2.97 Million Stock Position in Joby Aviation, Inc. $JOBY

Key Points

• Axiom Investors cut its Joby Aviation stake by 38.7% in the fourth quarter, leaving it with 224,715 shares worth about $2.97 million.
• Joby Aviation reported a smaller-than-expected loss for the quarter, posting EPS of -$0.12 versus estimates of -$0.21, while revenue of $24.25 million also topped forecasts.
• Despite the earnings beat, analysts remain cautious: the stock has an average rating of “Reduce” and a consensus target price of $13.06, while insiders also made notable share sales recently.

Axiom Investors LLC DE lowered its holdings in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 38.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 224,715 shares of the company's stock after selling 141,915 shares during the quarter. Axiom Investors LLC DE's holdings in Joby Aviation were worth $2,966,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Joby Aviation by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company's stock valued at $692,851,000 after buying an additional 2,540,382 shares during the last quarter. Geode Capital Management LLC grew its holdings in Joby Aviation by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company's stock valued at $155,671,000 after buying an additional 390,794 shares during the last quarter. State Street Corp grew its holdings in Joby Aviation by 3.0% in the 2nd quarter. State Street Corp now owns 10,392,018 shares of the company's stock valued at $109,636,000 after buying an additional 305,109 shares during the last quarter. Bank of America Corp DE grew its holdings in Joby Aviation by 41.2% in the 3rd quarter. Bank of America Corp DE now owns 4,192,109 shares of the company's stock valued at $67,661,000 after buying an additional 1,223,412 shares during the last quarter. Finally, Rheos Capital Works Inc. grew its holdings in shares of Joby Aviation by 45.0% during the 4th quarter. Rheos Capital Works Inc. now owns 3,545,000 shares of the company's stock worth $46,794,000 after purchasing an additional 1,100,000 shares in the last quarter. Institutional investors and hedge funds own 52.85% of the company's stock.

Joby Aviation Trading Down 4.4%

NYSE JOBY opened at $9.28 on Wednesday. The stock has a 50-day simple moving average of $9.74 and a 200 day simple moving average of $11.43. The company has a market capitalization of $9.12 billion, a PE ratio of -8.07 and a beta of 2.66. 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 12 month low of $7.75 and a 12 month high of $20.95.

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Morgan Stanley cut their target price on Joby Aviation from $15.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 6th. Oppenheimer set a $18.00 target price on Joby Aviation in a research report on Thursday, February 26th. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $8.00 to $7.00 and set an "underweight" rating for the company in a research report on Thursday, February 26th. Weiss Ratings cut Joby Aviation from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, May 4th. Finally, Wall Street Zen raised Joby Aviation from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $13.06.

Insider Transactions at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 421,019 shares of the business's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $10.38, for a total value of $4,370,177.22. Following the completion of the transaction, the chief executive officer directly owned 31,678,802 shares of the company's stock, valued at approximately $328,825,964.76. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Cahill Sciarra sold 416,666 shares of the business's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $12.02, for a total value of $5,008,325.32. Following the completion of the transaction, the director directly owned 55,911,391 shares of the company's stock, valued at approximately $672,054,919.82. The trade was a 0.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,566,838 shares of company stock valued at $16,167,306. Insiders own 32.40% 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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