BNP Paribas Financial Markets Buys 908,486 Shares of Joby Aviation, Inc. $JOBY

Key Points

• BNP Paribas Financial Markets sharply increased its stake in Joby Aviation by 971.4% in the fourth quarter, buying 908,486 additional shares and bringing its total holdings to 1,002,005 shares worth about $13.2 million.
• Joby Aviation’s latest quarterly results beat expectations, with EPS of -$0.12 versus the expected -$0.21 and revenue of $24.25 million versus $20.17 million forecast.
• Despite the earnings beat, analysts remain cautious overall: the stock has an average rating of “Reduce” and an average target price of $13.06, while insiders have also sold shares in recent months.

BNP Paribas Financial Markets boosted its stake in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 971.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,002,005 shares of the company's stock after acquiring an additional 908,486 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.11% of Joby Aviation worth $13,226,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Joby Aviation by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company's stock worth $692,851,000 after acquiring an additional 2,540,382 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 390,794 shares during the last quarter. State Street Corp boosted its stake in shares of 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 purchasing an additional 305,109 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of 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 purchasing an additional 1,223,412 shares during the last quarter. Finally, Rheos Capital Works Inc. boosted its stake in shares of Joby Aviation by 45.0% in the 4th quarter. Rheos Capital Works Inc. now owns 3,545,000 shares of the company's stock valued at $46,794,000 after purchasing an additional 1,100,000 shares during the last quarter. Institutional investors own 52.85% of the company's stock.

Joby Aviation Stock Performance

Shares of JOBY stock opened at $9.56 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The company has a market capitalization of $9.40 billion, a P/E ratio of -8.31 and a beta of 2.66. The company's 50 day moving average price is $9.69 and its two-hundred day moving average price is $11.49. Joby Aviation, Inc. has a 52 week low of $7.70 and a 52 week high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.09. The firm 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 expect that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Gregory Bowles sold 4,602 shares of Joby Aviation stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $11.47, for a total value of $52,784.94. Following the sale, the insider directly owned 182,319 shares in the company, valued at $2,091,198.93. This trade represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 Eric Allison sold 74,844 shares of Joby Aviation stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total transaction of $748,440.00. Following the completion of the sale, the insider owned 676,008 shares in the company, valued at $6,760,080. This trade represents a 9.97% 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. In the last ninety days, insiders sold 1,505,784 shares of company stock worth $15,457,801. Corporate insiders own 32.40% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on JOBY shares. Canaccord Genuity Group reduced their target price 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. Morgan Stanley reduced 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 research note on Wednesday, May 6th. Oppenheimer set a $18.00 target price on shares of Joby Aviation in a research note on Thursday, February 26th. Needham & Company LLC reiterated a "buy" rating and issued a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Joby Aviation from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $13.06.

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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