Bank of Nova Scotia Invests $6.92 Million in Joby Aviation, Inc. $JOBY

Key Points

• Bank of Nova Scotia acquired 837,224 Joby Aviation shares worth approximately $6.92 million, giving it a 0.09% stake. Institutional investors collectively own 52.85% of the company.
• Joby reported quarterly revenue of $24.25 million and an adjusted loss of $0.12 per share, beating analyst estimates of $20.17 million in revenue and a $0.21 loss. Analysts project a full-year loss of $0.83 per share.
• JOBY shares opened at $7.38, near their one-year low, while the analyst consensus rating was “Reduce” with an average price target of $13.64; insiders sold more than 1.1 million shares over the prior 90 days.

Bank of Nova Scotia bought a new stake in Joby Aviation, Inc. (NYSE:JOBY - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 837,224 shares of the company's stock, valued at approximately $6,915,000. Bank of Nova Scotia owned 0.09% of Joby Aviation at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Joby Aviation by 5.1% in the fourth 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. Man Group plc purchased a new position in shares of Joby Aviation during the third quarter worth about $40,283,000. Norges Bank acquired a new position in Joby Aviation in the 4th quarter valued at about $32,269,000. Price T Rowe Associates Inc. MD increased its position in Joby Aviation by 80.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company's stock valued at $44,672,000 after acquiring an additional 1,512,094 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Joby Aviation during the 4th quarter valued at approximately $17,952,000. Hedge funds and other institutional investors own 52.85% of the company's stock.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 74,844 shares of the stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total value of $748,440.00. Following the completion of the transaction, the insider directly owned 676,008 shares of the company's stock, valued at approximately $6,760,080. This trade represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kate Dehoff sold 14,240 shares of the business's stock in a transaction on Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total value of $110,075.20. Following the sale, the insider owned 180,179 shares in the company, valued at approximately $1,392,783.67. The trade was a 7.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 1,125,580 shares of company stock valued at $12,172,117 in the last ninety days. Company insiders own 20.35% of the company's stock.

Joby Aviation Trading Up 6.5%

Shares of JOBY stock opened at $7.38 on Tuesday. The business's fifty day moving average price is $9.26 and its 200 day moving average price is $10.03. Joby Aviation, Inc. has a 1-year low of $6.89 and a 1-year high of $20.95. The firm has a market capitalization of $7.26 billion, a PE ratio of -6.42 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 released its 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. The company had revenue of $24.25 million during the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same quarter last year, the company earned ($0.11) earnings per share. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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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