Bank of New York Mellon Corp Purchases 462,585 Shares of Joby Aviation, Inc. $JOBY

Key Points

• Bank of New York Mellon increased its Joby Aviation stake by 27.6% in the second quarter, purchasing 462,585 additional shares and bringing its holdings to 2.14 million shares valued at approximately $19.1 million.
• Institutional investors own 52.85% of Joby, while insiders sold 275,569 shares worth about $2.5 million during the latest quarter, including sales by CFO Rodrigo Brumana and insider Kate Dehoff under pre-arranged trading plans.
• Joby shares opened at $6.83, near their 52-week low of $6.63, after the company posted a quarterly loss of $0.25 per share versus the $0.23 consensus estimate. Analysts’ average rating is “Reduce,” with an average price target of $13.81.

Bank of New York Mellon Corp raised its position in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 27.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,136,710 shares of the company's stock after acquiring an additional 462,585 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.22% of Joby Aviation worth $19,059,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of JOBY. Lingotto Investment Management LLP lifted its holdings in Joby Aviation by 34.2% in the 4th quarter. Lingotto Investment Management LLP now owns 3,138,240 shares of the company's stock worth $41,425,000 after buying an additional 799,260 shares during the period. Russell Investments Group Ltd. grew its position in shares of Joby Aviation by 30.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 352,874 shares of the company's stock worth $3,148,000 after buying an additional 82,737 shares during the period. DNB Asset Management AS increased its stake in shares of Joby Aviation by 16.3% during the fourth quarter. DNB Asset Management AS now owns 366,281 shares of the company's stock valued at $4,835,000 after purchasing an additional 51,344 shares in the last quarter. Vanguard Group Inc. increased its position in Joby Aviation by 5.1% during 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 in the last quarter. Finally, Norges Bank purchased a new stake in shares of Joby Aviation in the fourth quarter worth $32,269,000. 52.85% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Rodrigo Brumana sold 78,489 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $11.30, for a total transaction of $886,925.70. Following the completion of the transaction, the chief financial officer directly owned 81,694 shares in the company, valued at approximately $923,142.20. The trade was a 49.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kate Dehoff sold 14,240 shares of Joby Aviation stock in a transaction that occurred 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 directly owned 180,179 shares in the company, valued at $1,392,783.67. This represents a 7.32% decrease in their position. 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 quarter, insiders sold 275,569 shares of company stock worth $2,511,445. 20.35% of the stock is currently owned by corporate insiders.

Joby Aviation Price Performance

Shares of JOBY opened at $6.83 on Tuesday. Joby Aviation, Inc. has a 1-year low of $6.63 and a 1-year high of $19.98. The firm has a fifty day simple moving average of $7.87 and a two-hundred day simple moving average of $9.06. The company has a current ratio of 17.98, a quick ratio of 17.98 and a debt-to-equity ratio of 0.40. The firm has a market cap of $6.76 billion, a PE ratio of -6.90 and a beta of 2.73.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.02). Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.The firm had revenue of $38.64 million during the quarter, compared to analysts' expectations of $30.20 million. During the same period in the previous year, the business posted ($0.41) earnings per share. The company's revenue for the quarter was up 257493.3% on a year-over-year basis. On average, equities analysts anticipate that Joby Aviation, Inc. will post -1 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on JOBY shares. Wall Street Zen downgraded Joby Aviation from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Canaccord Genuity Group dropped their price target on shares of Joby Aviation from $15.50 to $11.50 and set a "hold" rating on the stock in a research note on Thursday, May 7th. Barclays raised shares of Joby Aviation to a "hold" rating in a research report on Wednesday, July 29th. HC Wainwright restated a "buy" rating on shares of Joby Aviation in a research note on Thursday, August 6th. Finally, Weiss Ratings raised shares of Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 14th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and an average target price of $13.81.

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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