Bank of New York Mellon Corp Has $13.83 Million Stock Position in Joby Aviation, Inc. $JOBY

Key Points

• Bank of New York Mellon increased its Joby Aviation stake by 6.6% in the first quarter to 1.67 million shares valued at $13.83 million. Institutional investors collectively own 52.85% of the company.
• Joby reported a quarterly loss of $0.12 per share, beating estimates for a $0.21 loss, while revenue of $24.25 million exceeded expectations. Analysts forecast a full-year loss of $0.89 per share.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $13.64; recent targets ranged from $11.50 to $18.00. Insiders have sold 1.13 million shares worth $12.17 million over the past three months, primarily through tax-related, pre-arranged transactions.

Bank of New York Mellon Corp grew its holdings in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 6.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,674,125 shares of the company's stock after acquiring an additional 103,173 shares during the quarter. Bank of New York Mellon Corp owned 0.17% of Joby Aviation worth $13,828,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fifth Third Bancorp boosted its stake in Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company's stock worth $26,000 after buying an additional 1,348 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Joby Aviation in the 4th quarter valued at $28,000. Ancora Advisors LLC acquired a new position in shares of Joby Aviation in the 3rd quarter valued at $35,000. Pandora Wealth Inc. bought a new position in shares of Joby Aviation during the 4th quarter worth about $32,000. Finally, DV Equities LLC bought a new position in shares of Joby Aviation during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 52.85% of the company's stock.

Joby Aviation Trading Up 9.0%

Shares of NYSE JOBY opened at $7.25 on Friday. The company's 50 day simple moving average is $9.07 and its 200 day simple moving average is $9.86. Joby Aviation, Inc. has a fifty-two week low of $6.63 and a fifty-two week high of $20.95. The firm has a market capitalization of $7.13 billion, a P/E ratio of -6.30 and a beta of 2.71. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.09. The business had revenue of $24.25 million for the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same period last year, the company posted ($0.11) EPS. On average, analysts predict that Joby Aviation, Inc. will post -0.89 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Joby Aviation

In related news, insider Gregory Bowles sold 4,724 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $9.10, for a total transaction of $42,988.40. Following the completion of the transaction, the insider owned 188,936 shares in the company, valued at approximately $1,719,317.60. This represents a 2.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, insider Kate Dehoff sold 14,240 shares of the firm'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 completion of the transaction, the insider directly owned 180,179 shares of the company's stock, valued at $1,392,783.67. This represents a 7.32% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 1,125,580 shares of company stock worth $12,172,117. 20.35% of the stock is currently owned by company insiders.

Joby Aviation Company 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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