Clear Street Group Inc. Boosts Stake in Joby Aviation, Inc. $JOBY

Key Points

• Clear Street Group Inc. increased its stake in Joby Aviation by 59.9% in the fourth quarter, ending with 3.59 million shares valued at about $47.4 million.
• Analyst sentiment remains mixed: while HC Wainwright and Needham kept buy ratings with $18 price targets, the overall consensus is now "Reduce" with a $13.06 target price.
• Joby reported a smaller-than-expected quarterly loss and better-than-expected revenue, but the company still posted significant negative margins and insiders have been selling shares in recent months.

Clear Street Group Inc. grew its position in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 59.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,593,043 shares of the company's stock after acquiring an additional 1,346,205 shares during the quarter. Clear Street Group Inc. owned about 0.39% of Joby Aviation worth $47,428,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Royal Bank of Canada lifted its position in Joby Aviation by 110.5% during the first quarter. Royal Bank of Canada now owns 85,070 shares of the company's stock valued at $512,000 after buying an additional 44,659 shares in the last quarter. AQR Capital Management LLC purchased a new stake in Joby Aviation during the first quarter worth approximately $273,000. Strs Ohio purchased a new stake in Joby Aviation during the first quarter worth approximately $37,000. Cetera Investment Advisers grew its stake in Joby Aviation by 16.0% during the second quarter. Cetera Investment Advisers now owns 64,069 shares of the company's stock worth $676,000 after buying an additional 8,840 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Joby Aviation by 80.1% during the second quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company's stock worth $7,920,000 after buying an additional 333,995 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on JOBY shares. HC Wainwright reiterated a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, March 12th. 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. Canaccord Genuity Group decreased their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a "hold" rating for the company in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Joby Aviation from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an "underweight" rating for the company in a research note on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of "Reduce" and a consensus target price of $13.06.

Joby Aviation Price Performance

Shares of JOBY stock opened at $9.14 on Friday. The company has a market capitalization of $8.99 billion, a PE ratio of -7.95 and a beta of 2.66. The firm has a fifty day simple moving average of $9.80 and a 200-day simple moving average of $11.36. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. Joby Aviation, Inc. has a twelve month low of $7.75 and a twelve month 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) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.09. The business had revenue of $24.25 million during 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 in the prior year, the firm earned ($0.11) earnings per share. Equities research analysts anticipate that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Paul Cahill Sciarra sold 416,666 shares of the company's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $12.02, for a total value of $5,008,325.32. Following the completion of the transaction, the director directly owned 55,911,391 shares in the company, valued at approximately $672,054,919.82. This represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Rodrigo Brumana sold 78,489 shares of the company's stock in a transaction on Thursday, June 4th. The shares were 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 owned 81,694 shares of the company's stock, valued at $923,142.20. This trade represents a 49.00% 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 1,566,838 shares of company stock valued at $16,167,306. Corporate insiders own 28.50% of the company's stock.

About Joby Aviation

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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