Exchange Traded Concepts LLC Trims Stake in Joby Aviation, Inc. $JOBY

Key Points

• Exchange Traded Concepts LLC has reduced its stake in Joby Aviation by 22.6%, now holding 1,335,117 shares valued at approximately $14.1 million.
• Joby Aviation reported a loss of ($0.24) earnings per share for the quarter, missing analyst expectations and showing a 94.6% decline in revenue year-over-year.
• Institutional investors own 52.85% of Joby Aviation's stock, with several firms recently increasing their stakes, including GAMMA Investing LLC which raised its position by 773.9%.

Exchange Traded Concepts LLC trimmed its position in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 22.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,335,117 shares of the company's stock after selling 389,771 shares during the quarter. Exchange Traded Concepts LLC owned 0.17% of Joby Aviation worth $14,085,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in Joby Aviation by 773.9% in the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after acquiring an additional 5,015 shares during the period. Strs Ohio purchased a new stake in shares of Joby Aviation in the 1st quarter worth approximately $37,000. Toronto Dominion Bank bought a new position in shares of Joby Aviation during the fourth quarter valued at approximately $41,000. Carolinas Wealth Consulting LLC purchased a new position in Joby Aviation during the fourth quarter valued at approximately $41,000. Finally, Decker Retirement Planning Inc. increased its holdings in Joby Aviation by 250.0% during the first quarter. Decker Retirement Planning Inc. now owns 7,000 shares of the company's stock valued at $42,000 after buying an additional 5,000 shares during the period. Hedge funds and other institutional investors own 52.85% of the company's stock.

Joby Aviation Trading Up 3.5%

Shares of NYSE JOBY opened at $14.65 on Friday. The company has a 50 day simple moving average of $15.61 and a two-hundred day simple moving average of $10.18. The stock has a market cap of $12.54 billion, a price-to-earnings ratio of -13.69 and a beta of 2.50. Joby Aviation, Inc. has a 12 month low of $4.78 and a 12 month high of $20.95.

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

Analyst Ratings Changes

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

Insider Buying and Selling at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 500,001 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $12.38, for a total transaction of $6,190,012.38. Following the sale, the director directly owned 57,328,059 shares of the company's stock, valued at $709,721,370.42. This trade represents a 0.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bonny W. Simi sold 300,000 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $10.79, for a total value of $3,237,000.00. Following the completion of the transaction, the insider directly owned 203,588 shares of the company's stock, valued at $2,196,714.52. The trade was a 59.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,947,597 shares of company stock worth $36,091,772. 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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