Exchange Traded Concepts LLC Lowers 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 reduced its stake in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 22.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund 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 large investors have also recently made changes to their positions in the stock. Xponance Inc. lifted its holdings in shares of Joby Aviation by 6.5% in the 1st quarter. Xponance Inc. now owns 32,635 shares of the company's stock worth $196,000 after acquiring an additional 1,993 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Joby Aviation by 1.1% during the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company's stock worth $1,512,000 after buying an additional 2,065 shares in the last quarter. Brown Advisory Inc. lifted its holdings in Joby Aviation by 23.6% during the 1st quarter. Brown Advisory Inc. now owns 13,905 shares of the company's stock worth $84,000 after buying an additional 2,655 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Joby Aviation by 23.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,928 shares of the company's stock worth $90,000 after buying an additional 2,877 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in Joby Aviation by 5.6% during the 1st quarter. Arizona State Retirement System now owns 54,864 shares of the company's stock worth $330,000 after buying an additional 2,906 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Joby Aviation

In related news, insider Eric Allison sold 27,538 shares of the stock in a transaction on Monday, July 14th. The shares were sold at an average price of $11.97, for a total value of $329,629.86. Following the transaction, the insider directly owned 660,076 shares of the company's stock, valued at $7,901,109.72. This trade represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 472,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $9.82, for a total transaction of $4,635,040.00. Following the completion of the transaction, the chief executive officer directly owned 360,999 shares in the company, valued at $3,545,010.18. This trade represents a 56.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,947,597 shares of company stock worth $36,091,772. Insiders own 28.50% of the company's stock.

Joby Aviation Trading Up 13.4%

Shares of NYSE JOBY traded up $1.96 during mid-day trading on Friday, reaching $16.59. The company had a trading volume of 62,054,936 shares, compared to its average volume of 35,123,140. The firm has a 50 day simple moving average of $15.70 and a two-hundred day simple moving average of $10.25. The stock has a market cap of $14.20 billion, a P/E ratio of -15.50 and a beta of 2.50. Joby Aviation, Inc. has a 52-week low of $4.78 and a 52-week high of $20.95.

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

Analyst Ratings Changes

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

Joby Aviation Company 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.