Northern Trust Corp Trims Stock Holdings in Joby Aviation, Inc. $JOBY

Key Points

• Northern Trust Corp has reduced its holdings in Joby Aviation by 3.2%, selling 130,775 shares, and now owns approximately 3,984,605 shares valued at $23.99 million.
• Analyst ratings on Joby Aviation show a consensus of "Hold" with a target price of $10.50, while several firms have recently downgraded the stock.
• Joby Aviation's latest earnings report revealed a loss of ($0.24) EPS, missing expectations and marking a 94.6% decrease in revenue year-over-year.

Northern Trust Corp lowered its position in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 3.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,984,605 shares of the company's stock after selling 130,775 shares during the quarter. Northern Trust Corp owned about 0.51% of Joby Aviation worth $23,987,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its stake in shares of Joby Aviation by 1,285.9% in the 1st quarter. Russell Investments Group Ltd. now owns 12,806 shares of the company's stock valued at $77,000 after purchasing an additional 11,882 shares during the period. Nuveen LLC acquired a new position in Joby Aviation in the first quarter valued at approximately $18,936,000. Invesco Ltd. boosted its holdings in shares of Joby Aviation by 16.1% during the 1st quarter. Invesco Ltd. now owns 972,517 shares of the company's stock worth $5,855,000 after buying an additional 134,982 shares in the last quarter. Arcadia Wealth Management Inc. bought a new position in shares of Joby Aviation during the 1st quarter worth approximately $78,000. Finally, Swiss National Bank grew its position in shares of Joby Aviation by 5.3% during the 1st quarter. Swiss National Bank now owns 370,600 shares of the company's stock worth $2,231,000 after buying an additional 18,500 shares during the period. 52.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity at Joby Aviation

In related news, insider Eric Allison sold 27,538 shares of Joby Aviation stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $11.97, for a total value of $329,629.86. Following the sale, the insider owned 660,076 shares of the company's stock, valued at approximately $7,901,109.72. The trade was a 4.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bonny W. Simi sold 173,456 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $17.25, for a total value of $2,992,116.00. Following the transaction, the insider directly owned 211,397 shares of the company's stock, valued at approximately $3,646,598.25. This trade represents a 45.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,444,313 shares of company stock worth $28,868,184 over the last 90 days. Corporate insiders own 32.40% of the company's stock.

Joby Aviation Stock Performance

NYSE:JOBY traded down $0.26 during trading on Wednesday, reaching $13.13. The company's stock had a trading volume of 31,633,694 shares, compared to its average volume of 21,554,641. Joby Aviation, Inc. has a 12 month low of $4.70 and a 12 month high of $20.95. The firm has a market cap of $11.23 billion, a price-to-earnings ratio of -12.27 and a beta of 2.50. The firm has a 50 day moving average of $14.81 and a 200-day moving average of $9.65.

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 for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The company had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.05 million. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 71.29%. Joby Aviation's quarterly revenue was down 94.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.18) EPS. Equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share 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.