Charles Schwab Investment Management Inc. Decreases Holdings in Joby Aviation, Inc. $JOBY

Key Points

• Charles Schwab Investment Management Inc. sold 81,831 shares of Joby Aviation, reducing its stake by 2.1% to approximately 3.81 million shares, valued at $22.95 million.
• Insiders, including CEO Joeben Bevirt, have significantly reduced their holdings, with Bevirt selling 472,000 shares, representing a 56.66% decrease in their ownership.
• Joby Aviation reported a net loss of ($0.24) earnings per share for the last quarter, missing analysts' estimates, and experienced a 94.6% decline in revenue compared to the same quarter last year.

Charles Schwab Investment Management Inc. reduced its stake in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,812,495 shares of the company's stock after selling 81,831 shares during the period. Charles Schwab Investment Management Inc. owned 0.48% of Joby Aviation worth $22,951,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Joby Aviation by 773.9% in the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after acquiring an additional 5,015 shares in the last quarter. Toronto Dominion Bank bought a new position in Joby Aviation in the 4th quarter worth about $41,000. Carolinas Wealth Consulting LLC bought a new position in Joby Aviation in the 4th quarter worth about $41,000. Decker Retirement Planning Inc. grew its stake in Joby Aviation by 250.0% in the 1st quarter. Decker Retirement Planning Inc. now owns 7,000 shares of the company's stock worth $42,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Hollencrest Capital Management bought a new position in Joby Aviation in the 1st quarter worth about $43,000. 52.85% of the stock is currently owned by institutional investors.

Insider Activity at Joby Aviation

In related news, insider Bonny W. Simi sold 173,456 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the completion of the sale, the insider owned 211,397 shares of the company's stock, valued at $3,646,598.25. This represents a 45.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Didier Papadopoulos sold 5,102 shares of the 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 of the company's stock, valued at $873,316.84. The trade was a 5.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,933,156 shares of company stock valued at $21,528,877 over the last three months. Company insiders own 28.50% of the company's stock.

Joby Aviation Trading Up 3.4%

Shares of JOBY traded up $0.4870 during mid-day trading on Friday, hitting $14.9370. The company's stock had a trading volume of 34,851,569 shares, compared to its average volume of 32,593,216. The company's 50-day moving average is $14.05 and its 200-day moving average is $9.32. Joby Aviation, Inc. has a 52-week low of $4.70 and a 52-week high of $20.95. The firm has a market capitalization of $12.79 billion, a price-to-earnings ratio of -13.96 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.06). Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The business had revenue of $0.02 million during the quarter, compared to analysts' expectations of $0.05 million. During the same period in the previous year, the company posted ($0.18) EPS. Joby Aviation's revenue for the quarter was down 94.6% on a year-over-year basis. As a group, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

JOBY has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. upped their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Canaccord Genuity Group cut shares of Joby Aviation from a "buy" rating to a "hold" rating and upped their price target for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Monday, June 23rd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $10.50.

Joby Aviation 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.