Joby Aviation, Inc. $JOBY Shares Bought by Rheos Capital Works Inc.

Key Points

• Rheos Capital Works Inc. increased its stake in Joby Aviation by 58.2% during the second quarter, acquiring an additional 2,650,000 shares, bringing its total to 7,205,000 shares, valued at approximately $76 million.
• A variety of institutional investors have also made significant changes to their positions in Joby Aviation, with some boosting their stakes by over 773% in the first quarter.
• Joby Aviation reported a 94.6% year-over-year decline in revenue for its last quarter, missing analysts' expectations with earnings per share of ($0.24), compared to an estimate of ($0.18).

Rheos Capital Works Inc. lifted its position in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 58.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,205,000 shares of the company's stock after purchasing an additional 2,650,000 shares during the quarter. Joby Aviation makes up 4.4% of Rheos Capital Works Inc.'s investment portfolio, making the stock its 4th biggest holding. Rheos Capital Works Inc. owned about 0.91% of Joby Aviation worth $76,013,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in JOBY. GAMMA Investing LLC boosted its stake in Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after purchasing an additional 5,015 shares during the period. Strs Ohio acquired a new stake in shares of Joby Aviation during the first quarter worth about $37,000. Ameritas Advisory Services LLC acquired a new stake in Joby Aviation during the 2nd quarter worth approximately $39,000. Decker Retirement Planning Inc. lifted its position in Joby Aviation by 250.0% during the 1st quarter. Decker Retirement Planning Inc. now owns 7,000 shares of the company's stock worth $42,000 after acquiring an additional 5,000 shares during the period. Finally, Hollencrest Capital Management acquired a new stake in Joby Aviation during the 1st quarter worth approximately $43,000. 52.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Didier Papadopoulos sold 5,102 shares of the business's stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $18.08, for a total value of $92,244.16. Following the completion of the sale, the insider directly owned 98,104 shares in the company, valued at approximately $1,773,720.32. The trade was a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bonny W. Simi sold 8,272 shares of the business's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $16.78, for a total transaction of $138,804.16. Following the completion of the sale, the insider owned 219,206 shares of the company's stock, valued at approximately $3,678,276.68. The trade was a 3.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,830,880 shares of company stock worth $28,060,985 in the last quarter. Corporate insiders own 32.40% of the company's stock.

Analyst Upgrades and Downgrades

JOBY has been the subject of several recent research reports. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a report on Monday, June 23rd. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Morgan Stanley raised their price objective on shares of Joby Aviation from $7.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, October 9th. Finally, HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $11.83.

Joby Aviation Price Performance

NYSE JOBY opened at $18.08 on Wednesday. Joby Aviation, Inc. has a 1-year low of $4.80 and a 1-year high of $20.95. The company has a market capitalization of $15.48 billion, a P/E ratio of -16.90 and a beta of 2.52. The business has a 50 day moving average price of $15.69 and a 200 day moving average price of $11.53.

Joby Aviation (NYSE:JOBY - Get Free Report) last released 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). The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. The firm's revenue was down 94.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.18) earnings per share. On average, research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.