Handelsbanken Fonder AB Acquires 66,000 Shares of Joby Aviation, Inc. $JOBY

Key Points

• Handelsbanken Fonder increased its Joby Aviation stake by 43.6% in the second quarter, purchasing 66,000 additional shares and bringing its holdings to 217,426 shares worth approximately $1.94 million.
• Analyst sentiment remains mixed: Joby has an average “Reduce” rating and a consensus price target of $13.81, with targets recently ranging from $11.50 to $18.00.
• Joby reported quarterly revenue of $38.64 million, above estimates, but missed on earnings with a loss of $0.25 per share. The stock opened at $7.91, while insiders have sold roughly $7.55 million in shares over the past three months.

Handelsbanken Fonder AB raised its holdings in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 43.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 217,426 shares of the company's stock after buying an additional 66,000 shares during the quarter. Handelsbanken Fonder AB's holdings in Joby Aviation were worth $1,939,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Fifth Third Bancorp lifted its position in shares of Joby Aviation by 207.4% during the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company's stock valued at $26,000 after acquiring an additional 1,348 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after purchasing an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Joby Aviation in the fourth quarter valued at $28,000. Pandora Wealth Inc. bought a new stake in Joby Aviation in the fourth quarter valued at $32,000. Finally, DV Equities LLC acquired a new position in shares of Joby Aviation during the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 52.85% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. HC Wainwright reiterated a "buy" rating on shares of Joby Aviation in a report on Thursday, August 6th. Canaccord Genuity Group decreased their price objective on Joby Aviation from $15.50 to $11.50 and set a "hold" rating for the company in a report on Thursday, May 7th. Wall Street Zen lowered Joby Aviation from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Needham & Company LLC cut their target price on Joby Aviation from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, Susquehanna set a $18.00 price target on shares of Joby Aviation in a research report on Thursday, August 6th. Two equities research 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. According to data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $13.81.

Joby Aviation Trading Down 0.1%

Shares of Joby Aviation stock opened at $7.91 on Tuesday. The firm has a market cap of $7.82 billion, a PE ratio of -7.99 and a beta of 2.73. Joby Aviation, Inc. has a 1 year low of $6.63 and a 1 year high of $19.98. The company has a debt-to-equity ratio of 0.40, a current ratio of 17.98 and a quick ratio of 17.98. The stock has a fifty day moving average price of $8.31 and a 200-day moving average price of $9.30.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The company had revenue of $38.64 million for the quarter, compared to the consensus estimate of $30.20 million. Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 55.29%. Joby Aviation's quarterly revenue was up 257493.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.41) EPS. Equities research analysts anticipate that Joby Aviation, Inc. will post -1 EPS for the current year.

Insider Buying and Selling

In related news, CEO Joeben Bevirt sold 15,788 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total value of $140,828.96. Following the transaction, the chief executive officer owned 239,671 shares in the company, valued at approximately $2,137,865.32. This represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 14,240 shares of the firm's stock in a transaction on Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total value of $110,075.20. Following the completion of the sale, the insider directly owned 180,179 shares of the company's stock, valued at $1,392,783.67. This represents a 7.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 692,217 shares of company stock worth $7,551,000 in the last three months. Insiders own 20.35% of the company's stock.

Joby Aviation Profile

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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