Baillie Gifford & Co. Sells 1,154,857 Shares of Joby Aviation, Inc. (NYSE:JOBY)

Key Points

• Baillie Gifford & Co. has reduced its stake in Joby Aviation by 2.1%, now owning approximately 53.88 million shares valued at $324.34 million.
• Several institutional investors, including Toyota Motor Corp and Vanguard Group Inc., have increased their stakes in Joby Aviation, with Toyota acquiring a new position valued around $640 million.
• Analyst ratings for Joby Aviation show a consensus of "Hold," with a target price averaging around $9.33, while some firms have issued buy ratings with targets as high as $13.00 and as low as $7.00.

Baillie Gifford & Co. cut its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,877,308 shares of the company's stock after selling 1,154,857 shares during the period. Baillie Gifford & Co. owned approximately 6.84% of Joby Aviation worth $324,341,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. NewEdge Advisors LLC boosted its holdings in Joby Aviation by 9.9% during 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 last quarter. Xponance Inc. boosted its holdings in Joby Aviation by 6.5% during the first quarter. Xponance Inc. now owns 32,635 shares of the company's stock worth $196,000 after purchasing an additional 1,993 shares during the last quarter. Gallagher Fiduciary Advisors LLC boosted its holdings in Joby Aviation by 3.1% during the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company's stock worth $543,000 after purchasing an additional 2,000 shares during the last quarter. California State Teachers Retirement System boosted its holdings in Joby Aviation by 1.1% during the fourth quarter. California State Teachers Retirement System now owns 186,003 shares of the company's stock worth $1,512,000 after purchasing an additional 2,065 shares during the last quarter. Finally, Brown Advisory Inc. boosted its holdings in Joby Aviation by 23.6% during the first quarter. Brown Advisory Inc. now owns 13,905 shares of the company's stock worth $84,000 after purchasing an additional 2,655 shares during the last quarter. 52.85% of the stock is owned by institutional investors.

Joby Aviation Trading Up 3.3%

Shares of JOBY stock traded up $0.58 during trading on Friday, reaching $18.09. 35,595,847 shares of the company's stock traded hands, compared to its average volume of 40,343,720. The company has a market capitalization of $14.32 billion, a P/E ratio of -21.54 and a beta of 2.47. The firm's 50-day moving average is $10.41 and its 200 day moving average is $8.15. Joby Aviation, Inc. has a 1 year low of $4.66 and a 1 year high of $18.55.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS 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 in the previous year, the company posted ($0.14) EPS. As a group, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on JOBY. Cantor Fitzgerald restated a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a report on Monday, June 23rd. HC Wainwright reiterated a "buy" rating and issued a $13.00 target price (up from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Canaccord Genuity Group reiterated a "buy" rating and issued a $12.00 target price on shares of Joby Aviation in a research note on Wednesday, June 4th. Finally, Wall Street Zen upgraded shares of Joby Aviation from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. One equities 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 MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $9.33.

Insider Activity at Joby Aviation

In related news, insider Didier Papadopoulos sold 5,102 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $10.28, for a total transaction of $52,448.56. Following the sale, 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul Cahill Sciarra sold 500,001 shares of the company's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $12.38, for a total transaction of $6,190,012.38. Following the sale, the director directly owned 57,328,059 shares in the company, valued at $709,721,370.42. This trade represents a 0.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,867,653 shares of company stock worth $19,256,442 in the last ninety days. Insiders own 28.50% of the company's stock.

Joby Aviation Company 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.