Moore Capital Management LP Sells 75,000 Shares of Joby Aviation, Inc. $JOBY

Key Points

• Moore Capital Management cut its Joby Aviation position by 50%, selling 75,000 shares and retaining 75,000 shares valued at approximately $669,000. Institutional investors collectively own 52.85% of JOBY.
• Analyst sentiment remains cautious: Joby has a consensus rating of “Reduce”, with two Buy, four Hold, and three Sell ratings and an average price target of $13.81.
• JOBY opened at $6.69, near its 12-month low of $6.61. In its latest quarter, the company reported $38.64 million in revenue but missed earnings expectations with a loss of $0.25 per share.

Moore Capital Management LP trimmed its position in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 50.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 75,000 shares of the company's stock after selling 75,000 shares during the quarter. Moore Capital Management LP's holdings in Joby Aviation were worth $669,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of JOBY. Wedbush Securities Inc. grew its position in Joby Aviation by 40.0% in the 2nd quarter. Wedbush Securities Inc. now owns 26,740 shares of the company's stock valued at $239,000 after purchasing an additional 7,635 shares during the period. Hsbc Holdings PLC raised its holdings in Joby Aviation by 36.2% during the second quarter. Hsbc Holdings PLC now owns 60,391 shares of the company's stock worth $539,000 after buying an additional 16,049 shares during the last quarter. Ancora Advisors LLC acquired a new position in Joby Aviation during the second quarter worth $27,000. Global Retirement Partners LLC acquired a new position in Joby Aviation during the second quarter worth $73,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Joby Aviation by 27.6% in the second quarter. Bank of New York Mellon Corp now owns 2,136,710 shares of the company's stock valued at $19,059,000 after buying an additional 462,585 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors.

Insider Activity at Joby Aviation

In related news, insider Gregory Bowles sold 4,575 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $7.23, for a total transaction of $33,077.25. Following the completion of the transaction, the insider owned 191,986 shares in the company, valued at approximately $1,388,058.78. This represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Didier Papadopoulos sold 12,939 shares of the firm's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total transaction of $115,415.88. Following the sale, the insider owned 160,620 shares of the company's stock, valued at $1,432,730.40. This trade represents a 7.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 275,569 shares of company stock worth $2,511,445. 20.35% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Barclays upgraded shares of Joby Aviation to a "hold" rating in a report on Wednesday, July 29th. Canaccord Genuity Group lowered their target price on shares of Joby Aviation from $15.50 to $11.50 and set a "hold" rating on the stock in a report on Thursday, May 7th. HC Wainwright reaffirmed a "buy" rating on shares of Joby Aviation in a research report on Thursday, August 6th. Wall Street Zen downgraded Joby Aviation from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Finally, Susquehanna set a $18.00 price objective on Joby Aviation in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $13.81.

Joby Aviation Stock Performance

Shares of JOBY opened at $6.69 on Wednesday. The company has a current ratio of 17.98, a quick ratio of 17.98 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of -6.76 and a beta of 2.69. The stock has a 50 day moving average of $7.82 and a 200 day moving average of $9.04. Joby Aviation, Inc. has a 12 month low of $6.61 and a 12 month high of $19.98.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The business had revenue of $38.64 million during the quarter, compared to analysts' expectations of $30.20 million. Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.The firm's revenue for the quarter was up 257493.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.41) EPS. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -1 earnings per share for the current year.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company's core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby's eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company's flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.

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