Joby Aviation, Inc. $JOBY Stake Raised by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Joby Aviation by 16.6%, acquiring a total of 502,909 shares worth $3.05 million as of the end of the first quarter.
• Joby Aviation reported a net loss of $0.24 per share for the quarter, missing consensus estimates, as revenue fell 94.6% year-over-year.
• Insider selling has occurred recently, with Bonny W. Simi selling 173,456 shares, indicating a 45.07% decrease in their position.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 16.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 502,909 shares of the company's stock after buying an additional 71,695 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.06% of Joby Aviation worth $3,050,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. AQR Capital Management LLC bought a new stake in shares of Joby Aviation in the first quarter worth $273,000. Perbak Capital Partners LLP bought a new stake in shares of Joby Aviation in the first quarter worth $346,000. EP Wealth Advisors LLC increased its stake in shares of Joby Aviation by 11.7% in the first quarter. EP Wealth Advisors LLC now owns 37,407 shares of the company's stock worth $225,000 after buying an additional 3,909 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Joby Aviation by 110.5% in the first quarter. Royal Bank of Canada now owns 85,070 shares of the company's stock worth $512,000 after buying an additional 44,659 shares during the last quarter. Finally, Valueworks LLC increased its stake in shares of Joby Aviation by 0.7% in the first quarter. Valueworks LLC now owns 2,356,030 shares of the company's stock worth $14,183,000 after buying an additional 15,860 shares during the last quarter. Institutional investors own 52.85% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on JOBY. JPMorgan Chase & Co. lifted their price target 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. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Monday, June 23rd. Finally, Canaccord Genuity Group downgraded shares of Joby Aviation from a "buy" rating to a "hold" rating and lifted their price objective for the stock from $12.00 to $17.00 in a report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $10.50.

Insider Activity at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 500,001 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $12.38, for a total value of $6,190,012.38. Following the completion of the sale, the director owned 57,328,059 shares of the company's stock, valued at $709,721,370.42. This represents a 0.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Eric Allison sold 27,538 shares of the company's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $11.97, for a total transaction of $329,629.86. Following the completion of the sale, the insider directly owned 660,076 shares of the company's stock, valued at $7,901,109.72. The trade was a 4.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,444,313 shares of company stock valued at $28,868,184. Company insiders own 28.50% of the company's stock.

Joby Aviation Stock Performance

Shares of JOBY traded up $0.32 during midday trading on Friday, hitting $14.00. 74,940,484 shares of the stock traded hands, compared to its average volume of 28,359,428. Joby Aviation, Inc. has a 1-year low of $4.78 and a 1-year high of $20.95. The firm has a market capitalization of $11.99 billion, a PE ratio of -13.09 and a beta of 2.50. The business's 50 day moving average price is $15.38 and its two-hundred day moving average price is $10.00.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced 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 firm had revenue of $0.02 million for the quarter, compared to analyst estimates of $0.05 million. During the same period last year, the firm posted ($0.18) EPS. The business's revenue was down 94.6% compared to the same quarter last year. As a group, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS 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.