LPL Financial LLC Purchases 91,278 Shares of Joby Aviation, Inc. $JOBY

Key Points

• LPL Financial LLC increased its stake in Joby Aviation by 56.1%, owning a total of 253,925 shares valued at approximately $1.53 million.
• In the last quarter, insiders sold over 1.9 million shares of Joby Aviation worth nearly $21.5 million, indicating potential concerns about the company's future.
• Joby Aviation recently reported a net loss of $0.24 EPS, missing analysts' estimates, and its revenue declined 94.6% year-over-year.

LPL Financial LLC boosted its stake in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 56.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 253,925 shares of the company's stock after purchasing an additional 91,278 shares during the quarter. LPL Financial LLC's holdings in Joby Aviation were worth $1,529,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in JOBY. Toyota Motor Corp bought a new position in shares of Joby Aviation in the fourth quarter valued at $640,259,000. Uber Technologies Inc bought a new position in shares of Joby Aviation during the fourth quarter valued at about $207,842,000. Nuveen Asset Management LLC lifted its position in shares of Joby Aviation by 331.4% during the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock valued at $34,634,000 after purchasing an additional 3,272,597 shares in the last quarter. Rheos Capital Works Inc. lifted its position in shares of Joby Aviation by 89.4% during the first quarter. Rheos Capital Works Inc. now owns 4,555,000 shares of the company's stock valued at $27,421,000 after purchasing an additional 2,150,000 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of Joby Aviation by 774.7% during the fourth quarter. Fred Alger Management LLC now owns 1,079,065 shares of the company's stock valued at $8,773,000 after purchasing an additional 955,697 shares in the last quarter. 52.85% of the stock is owned by institutional investors.

Joby Aviation Stock Performance

JOBY stock traded up $0.4870 during mid-day trading on Friday, hitting $14.9370. The company had a trading volume of 34,851,569 shares, compared to its average volume of 32,593,216. The firm has a market cap of $12.79 billion, a PE ratio of -13.96 and a beta of 2.52. Joby Aviation, Inc. has a 12 month low of $4.70 and a 12 month high of $20.95. The stock's fifty day moving average price is $14.05 and its two-hundred day moving average price is $9.32.

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 (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.06). Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 71.29%. The business had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. During the same period last year, the firm earned ($0.18) EPS. The business's revenue for the quarter was down 94.6% on a year-over-year basis. Equities analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In related news, insider Bonny W. Simi sold 300,000 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $10.79, for a total transaction of $3,237,000.00. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Allison sold 27,538 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $11.97, for a total transaction of $329,629.86. Following the transaction, the insider directly owned 660,076 shares of the company's stock, valued at approximately $7,901,109.72. This represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,933,156 shares of company stock valued at $21,528,877 in the last quarter. 28.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on JOBY. Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Monday, June 23rd. HC Wainwright lowered shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. Wall Street Zen lowered shares of Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Canaccord Genuity Group lowered shares of Joby Aviation from a "buy" rating to a "hold" rating and raised their price target for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $10.50.

Joby Aviation 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.