Nikko Asset Management Americas Inc. Reduces Stock Position in Joby Aviation, Inc. (NYSE:JOBY)

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Joby Aviation by 1.8%, owning approximately 2.56 million shares valued at $15.42 million.
• Joby Aviation's shares recently opened at $18.09 and have a market cap of $14.32 billion, with a P/E ratio of -21.54.
• Joby Aviation reported earnings of ($0.11) per share, which beat analysts' consensus estimates, but still reflects a significant net margin loss.

Nikko Asset Management Americas Inc. lowered its position in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 1.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,561,976 shares of the company's stock after selling 46,501 shares during the period. Nikko Asset Management Americas Inc. owned about 0.33% of Joby Aviation worth $15,423,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in Joby Aviation during the 4th quarter valued at $2,168,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Joby Aviation during the 4th quarter valued at $121,000. KLP Kapitalforvaltning AS purchased a new stake in Joby Aviation during the 4th quarter valued at $311,000. Deutsche Bank AG lifted its position in shares of Joby Aviation by 26.0% in the 4th quarter. Deutsche Bank AG now owns 350,784 shares of the company's stock worth $2,852,000 after purchasing an additional 72,329 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Joby Aviation by 5,161.0% in the 1st quarter. GAMMA Investing LLC now owns 34,091 shares of the company's stock worth $205,000 after purchasing an additional 33,443 shares during the period. Hedge funds and other institutional investors own 52.85% of the company's stock.

Joby Aviation Price Performance

Shares of NYSE JOBY opened at $18.09 on Friday. Joby Aviation, Inc. has a 1 year low of $4.66 and a 1 year high of $18.55. The stock has a market cap of $14.32 billion, a P/E ratio of -21.54 and a beta of 2.47. The firm has a 50-day moving average of $10.41 and a 200 day moving average of $8.15.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. During the same quarter in the previous year, the company posted ($0.14) earnings per share. Research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on JOBY shares. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $12.00 target price on shares of Joby Aviation in a research report on Wednesday, June 4th. HC Wainwright reaffirmed a "buy" rating and issued a $13.00 target price (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Monday, June 23rd. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Finally, Wall Street Zen raised shares of Joby Aviation from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $9.33.

Insiders Place Their Bets

In other Joby Aviation news, Director Paul Cahill Sciarra sold 500,001 shares of Joby Aviation 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 transaction, the director directly owned 57,328,059 shares of the company's stock, valued at approximately $709,721,370.42. The trade was a 0.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric Allison sold 27,538 shares of Joby Aviation 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 transaction, the insider directly owned 660,076 shares of the company's stock, valued at $7,901,109.72. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,867,653 shares of company stock valued at $19,256,442. 28.50% of the stock is owned by company insiders.

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.

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.