Joby Aviation, Inc. $JOBY Holdings Decreased by Pier 88 Investment Partners LLC

Key Points

• Pier 88 Investment Partners cut its Joby Aviation stake by 97.3% in the third quarter, selling 995,800 shares and retaining 27,700 shares valued at about $168,000.
• Analyst views are mixed but skew negative: MarketBeat reports a consensus “Reduce” rating and an average price target of $11.33. Joby shares opened at $5.34, near their 12-month low of $4.43.
• Joby beat quarterly estimates, reporting a loss of $0.22 per share versus the $0.25 expected and revenue of $55.09 million, up 143.8% year over year.

Pier 88 Investment Partners LLC trimmed its stake in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 97.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,700 shares of the company's stock after selling 995,800 shares during the quarter. Pier 88 Investment Partners LLC's holdings in Joby Aviation were worth $168,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Ancora Advisors LLC bought a new position in Joby Aviation in the 2nd quarter worth about $27,000. Western Wealth Management LLC purchased a new position in Joby Aviation during the first quarter valued at approximately $37,000. Geneos Wealth Management Inc. grew its position in shares of Joby Aviation by 95.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,385 shares of the company's stock valued at $44,000 after purchasing an additional 2,630 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in Joby Aviation in the 2nd quarter worth about $60,000. Finally, Global Retirement Partners LLC bought a new position in shares of Joby Aviation in the second quarter worth approximately $73,000. Hedge funds and other institutional investors own 52.85% of the company's stock.

Analyst Upgrades and Downgrades

JOBY has been the topic of a number of research analyst reports. Wall Street Zen raised Joby Aviation from a "strong sell" rating to a "sell" rating in a research note on Saturday, November 7th. Needham & Company LLC lowered their price objective on shares of Joby Aviation from $15.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, November 5th. Cantor Fitzgerald reiterated a "neutral" rating on shares of Joby Aviation in a research report on Monday, September 21st. Canaccord Genuity Group raised Joby Aviation from a "hold" rating to a "buy" rating and reduced their target price for the company from $11.50 to $7.00 in a research note on Thursday, November 5th. Finally, Morgan Stanley decreased their target price on Joby Aviation from $13.00 to $10.00 and set an "equal weight" rating for the company in a report on Friday, October 16th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $11.33.

Joby Aviation Stock Down 9.2%

NYSE:JOBY opened at $5.34 on Friday. The company has a 50-day moving average price of $5.65 and a 200-day moving average price of $8.28. Joby Aviation, Inc. has a 12 month low of $4.43 and a 12 month high of $16.58. The company has a quick ratio of 18.29, a current ratio of 18.29 and a debt-to-equity ratio of 0.40.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported ($0.22) earnings per share for the quarter, beating analysts' consensus estimates of ($0.25) by $0.03. Joby Aviation had a negative net margin of 462.85% and a negative return on equity of 48.24%. The firm had revenue of $55.09 million for the quarter, compared to analyst estimates of $38.95 million. During the same quarter in the previous year, the firm posted ($0.48) EPS. The company's revenue for the quarter was up 143.8% compared to the same quarter last year. On average, research analysts expect that Joby Aviation, Inc. will post -0.97 earnings per share for the current year.

Insiders Place Their Bets

In other Joby Aviation news, CEO JoeBen Bevirt sold 15,789 shares of the firm's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $5.95, for a total value of $93,944.55. Following the completion of the sale, the chief executive officer directly owned 254,519 shares in the company, valued at $1,514,388.05. This trade represents a 5.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gregory Bowles sold 5,302 shares of Joby Aviation stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $5.78, for a total value of $30,645.56. Following the sale, the insider directly owned 193,704 shares in the company, valued at approximately $1,119,609.12. The trade was a 2.66% 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. Insiders sold a total of 955,128 shares of company stock valued at $5,842,590 over the last ninety days. 20.35% of the stock is owned by corporate insiders.

Joby Aviation Company Profile

Joby Aviation, Inc. develops electric vertical takeoff and landing (eVTOL) aircraft for passenger transportation. Its aircraft are designed to take off and land vertically, then fly like an airplane, with the goal of providing quiet, zero-operating-emission air taxi services for urban and regional trips. Founded in 2009 by JoeBen Bevirt, the California-based company is working to develop and manufacture its aircraft and establish the operations needed to offer commercial passenger flights. Joby has also pursued partnerships to support its planned air taxi service and connect it with existing transportation platforms.

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