Invesco Ltd. Boosts Stake in Joby Aviation, Inc. $JOBY

Key Points

• Invesco Ltd. increased its stake in Joby Aviation by 16.1% in the first quarter, owning approximately 972,517 shares valued at about $5.86 million after acquiring an additional 134,982 shares.
• Joby Aviation reported a loss of $0.24 EPS for the quarter, missing the consensus estimate, and experienced a 94.6% decline in revenue compared to the same quarter last year.
• Multiple analysts have downgraded Joby Aviation, with the stock currently having a consensus rating of "Hold" and a target price of $10.50.

Invesco Ltd. grew its stake in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 16.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 972,517 shares of the company's stock after acquiring an additional 134,982 shares during the period. Invesco Ltd. owned 0.12% of Joby Aviation worth $5,855,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. NewEdge Advisors LLC grew its stake in Joby Aviation by 9.9% during the fourth quarter. NewEdge Advisors LLC now owns 21,505 shares of the company's stock valued at $175,000 after acquiring an additional 1,935 shares in the last quarter. Xponance Inc. lifted its stake in 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 purchasing an additional 1,993 shares in the last quarter. Gallagher Fiduciary Advisors LLC boosted its holdings in Joby Aviation by 3.1% in the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company's stock valued at $543,000 after purchasing an additional 2,000 shares during the period. California State Teachers Retirement System grew its position in shares of Joby Aviation by 1.1% during the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company's stock valued at $1,512,000 after purchasing an additional 2,065 shares in the last quarter. Finally, Brown Advisory Inc. grew its position in shares of Joby Aviation by 23.6% during the 1st quarter. Brown Advisory Inc. now owns 13,905 shares of the company's stock valued at $84,000 after purchasing an additional 2,655 shares in the last quarter. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

JOBY has been the topic of a number of research analyst reports. 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. Cantor Fitzgerald reiterated a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Monday, June 23rd. HC Wainwright downgraded Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. Canaccord Genuity Group cut Joby Aviation from a "buy" rating to a "hold" rating and increased their target price for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. Finally, Wall Street Zen downgraded Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $10.50.

Joby Aviation Stock Down 1.1%

Shares of Joby Aviation stock traded down $0.16 on Thursday, reaching $14.25. 24,348,059 shares of the stock were exchanged, compared to its average volume of 21,402,840. The business has a 50 day moving average price of $14.39 and a two-hundred day moving average price of $9.46. The firm has a market capitalization of $12.20 billion, a price-to-earnings ratio of -13.32 and a beta of 2.52. Joby Aviation, Inc. has a twelve month low of $4.70 and a twelve 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) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The company had revenue of $0.02 million during the quarter, compared to analysts' expectations of $0.05 million. During the same quarter in the previous year, the company earned ($0.18) EPS. The firm's quarterly revenue was down 94.6% compared to the same quarter last year. Research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other Joby Aviation news, Director Paul Cahill Sciarra sold 500,001 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $14.35, for a total transaction of $7,175,014.35. Following the completion of the transaction, the director owned 56,828,058 shares of the company's stock, valued at $815,482,632.30. This represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gregory Bowles sold 7,754 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $14.80, for a total transaction of $114,759.20. Following the completion of the sale, the insider owned 153,280 shares of the company's stock, valued at $2,268,544. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,444,313 shares of company stock worth $28,868,184 in the last quarter. 28.50% of the stock is owned by insiders.

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.