Cobblestone Asset Management LLC Purchases Shares of 61,400 Joby Aviation, Inc. (NYSE:JOBY)

Cobblestone Asset Management LLC purchased a new position in Joby Aviation, Inc. (NYSE:JOBY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 61,400 shares of the company's stock, valued at approximately $370,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Toyota Motor Corp acquired a new stake in Joby Aviation during the 4th quarter worth about $640,259,000. Uber Technologies Inc acquired a new stake in Joby Aviation during the fourth quarter worth about $207,842,000. Vanguard Group Inc. raised its position in Joby Aviation by 15.8% during the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock valued at $380,163,000 after acquiring an additional 6,388,232 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in Joby Aviation by 331.4% in the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock valued at $34,634,000 after acquiring an additional 3,272,597 shares during the period. Finally, Rheos Capital Works Inc. lifted its stake in shares of Joby Aviation by 89.4% in the 1st quarter. Rheos Capital Works Inc. now owns 4,555,000 shares of the company's stock valued at $27,421,000 after purchasing an additional 2,150,000 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Stock Performance

Shares of JOBY stock opened at $8.54 on Friday. Joby Aviation, Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $10.72. The stock's fifty day moving average is $7.25 and its two-hundred day moving average is $7.39. The firm has a market capitalization of $6.76 billion, a P/E ratio of -10.16 and a beta of 2.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. During the same period in the prior year, the company earned ($0.14) EPS. On average, equities analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Analyst Ratings Changes

JOBY has been the subject of a number of recent analyst reports. Cantor Fitzgerald cut shares of Joby Aviation from an "overweight" rating to a "neutral" rating and set a $9.00 price objective for the company. in a report on Thursday, June 12th. Morgan Stanley restated an "equal weight" rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Needham & Company LLC reiterated a "buy" rating and set a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright restated a "buy" rating and issued a $13.00 price objective (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $12.00 target price on shares of Joby Aviation in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $9.33.

Insider Activity

In other news, Director Motor Corp/ Toyota bought 49,701,790 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were purchased at an average cost of $5.03 per share, for a total transaction of $250,000,003.70. Following the completion of the purchase, the director now owns 122,573,621 shares of the company's stock, valued at approximately $616,545,313.63. This represents a 68.20% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul Cahill Sciarra sold 166,667 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.78, for a total value of $1,130,002.26. Following the sale, the director now directly owns 58,494,728 shares in the company, valued at $396,594,255.84. This trade represents a 0.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 755,633 shares of company stock worth $4,682,298 over the last ninety days. Corporate insiders own 28.50% of the company's stock.

About Joby Aviation

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.

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