Joby Aviation, Inc. $JOBY Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in Joby Aviation by 70.4%, owning 307,135 shares valued at approximately $1.85 million.
• Joby Aviation reported a quarterly loss of $0.24 per share, missing analyst expectations and showing a significant decline in revenue compared to the previous year.
• Recent analyst ratings for Joby Aviation include one Buy, four Hold, and one Sell, with a consensus price target of $10.50.

Intech Investment Management LLC lifted its holdings in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 70.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 307,135 shares of the company's stock after acquiring an additional 126,908 shares during the quarter. Intech Investment Management LLC's holdings in Joby Aviation were worth $1,849,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in Joby Aviation by 773.9% during the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after buying an additional 5,015 shares in the last quarter. Toronto Dominion Bank purchased a new stake in Joby Aviation during the fourth quarter worth $41,000. Carolinas Wealth Consulting LLC purchased a new stake in Joby Aviation during the fourth quarter worth $41,000. Decker Retirement Planning Inc. boosted 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 worth $42,000 after buying an additional 5,000 shares in the last quarter. Finally, Hollencrest Capital Management purchased a new stake in Joby Aviation during the first quarter worth $43,000. Institutional investors and hedge funds own 52.85% of the company's stock.

Insider Transactions at Joby Aviation

In other news, CEO Joeben Bevirt sold 472,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $9.82, for a total value of $4,635,040.00. Following the transaction, the chief executive officer directly owned 360,999 shares of the company's stock, valued at approximately $3,545,010.18. This trade represents a 56.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Bonny W. Simi sold 300,000 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.79, for a total transaction of $3,237,000.00. Following the sale, the insider owned 203,588 shares of the company's stock, valued at approximately $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 quarter, insiders sold 2,947,597 shares of company stock valued at $36,091,772. Company insiders own 28.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on JOBY. Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a report on Monday, June 23rd. JPMorgan Chase & Co. increased their price target on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a report on Friday, August 1st. Canaccord Genuity Group downgraded shares of Joby Aviation from a "buy" rating to a "hold" rating and increased their price target for the stock from $12.00 to $17.00 in a report on Thursday, August 7th. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Finally, Wall Street Zen downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a report 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. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $10.50.

Joby Aviation Stock Performance

Shares of NYSE:JOBY traded up $1.96 during midday trading on Friday, hitting $16.59. The company's stock had a trading volume of 62,054,936 shares, compared to its average volume of 35,123,140. The business's 50 day simple moving average is $15.70 and its 200 day simple moving average is $10.25. The company 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 12-month low of $4.78 and a 12-month high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The business had revenue of $0.02 million during 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 business's quarterly revenue was down 94.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.18) earnings per share. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

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.