Fred Alger Management LLC Has $3.95 Million Holdings in Joby Aviation, Inc. $JOBY

Fred Alger Management LLC trimmed its stake in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 39.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 656,383 shares of the company's stock after selling 422,682 shares during the period. Fred Alger Management LLC owned about 0.08% of Joby Aviation worth $3,951,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in JOBY. Wealth Enhancement Advisory Services LLC bought a new position in Joby Aviation during the 4th quarter worth about $121,000. Deutsche Bank AG lifted its holdings in shares of Joby Aviation by 26.0% in the fourth quarter. Deutsche Bank AG now owns 350,784 shares of the company's stock valued at $2,852,000 after purchasing an additional 72,329 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Joby Aviation by 5,161.0% during the first quarter. GAMMA Investing LLC now owns 34,091 shares of the company's stock worth $205,000 after buying an additional 33,443 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Joby Aviation during the fourth quarter worth about $495,000. Finally, California State Teachers Retirement System grew its holdings in shares of Joby Aviation by 1.1% during the fourth 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. 52.85% of the stock is owned by institutional investors.

Joby Aviation Stock Down 0.2%

Shares of Joby Aviation stock opened at $13.40 on Wednesday. The stock has a market cap of $11.47 billion, a P/E ratio of -12.52 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. The business's 50 day moving average is $15.18 and its 200-day moving average is $9.85.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, insider Eric Allison sold 27,538 shares of the firm's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $11.97, for a total value of $329,629.86. Following the completion of the sale, the insider directly owned 660,076 shares in the company, valued at approximately $7,901,109.72. This trade represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul Cahill Sciarra sold 500,001 shares of Joby Aviation stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $14.35, for a total value of $7,175,014.35. Following the transaction, the director owned 56,828,058 shares of the company's stock, valued at $815,482,632.30. The trade was a 0.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,444,313 shares of company stock worth $28,868,184 in the last 90 days. 32.40% of the stock is owned by corporate insiders.

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.

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