57,500 Shares in Joby Aviation, Inc. $JOBY Purchased by Perbak Capital Partners LLP

Key Points

• Perbak Capital Partners LLP acquired a new position in Joby Aviation, purchasing 57,500 shares valued at approximately $346,000 during the first quarter.
• Insider selling was significant, with Director Paul Cahill Sciarra selling over 500,000 shares worth approximately $6.19 million on July 14.
• Joby Aviation reported a significant 94.6% decline in quarterly revenue year-over-year, with earnings per share of ($0.24), missing analyst estimates by $0.06.

Perbak Capital Partners LLP purchased a new stake in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 57,500 shares of the company's stock, valued at approximately $346,000.

A number of other hedge funds also recently made changes to their positions in JOBY. GAMMA Investing LLC raised its holdings in shares of Joby Aviation by 773.9% during the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after buying an additional 5,015 shares during the last quarter. Toronto Dominion Bank bought a new stake in shares of Joby Aviation during the fourth quarter valued at approximately $41,000. Carolinas Wealth Consulting LLC bought a new stake in Joby Aviation during the fourth quarter worth approximately $41,000. Decker Retirement Planning Inc. raised its holdings in Joby Aviation by 250.0% during the first quarter. Decker Retirement Planning Inc. now owns 7,000 shares of the company's stock worth $42,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Hollencrest Capital Management bought a new stake in Joby Aviation during the first quarter worth approximately $43,000. Institutional investors own 52.85% of the company's stock.

Analysts Set New Price Targets

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

Joby Aviation Stock Down 2.3%

Shares of JOBY stock traded down $0.31 on Wednesday, hitting $13.07. The company's stock had a trading volume of 38,402,623 shares, compared to its average volume of 27,584,730. Joby Aviation, Inc. has a fifty-two week low of $4.70 and a fifty-two week high of $20.95. The firm's fifty day moving average price is $14.90 and its 200-day moving average price is $9.68.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings data 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 business had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. During the same period in the previous year, the firm posted ($0.18) EPS. The firm's revenue for the quarter was down 94.6% on a year-over-year basis. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, CEO Joeben Bevirt sold 472,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $9.82, for a total transaction of $4,635,040.00. Following the completion of the transaction, the chief executive officer owned 360,999 shares of the company's stock, valued at approximately $3,545,010.18. This represents a 56.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kate Dehoff sold 20,823 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $13.67, for a total transaction of $284,650.41. Following the transaction, the insider directly owned 202,276 shares of the company's stock, valued at $2,765,112.92. This represents a 9.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,444,313 shares of company stock worth $28,868,184. Insiders own 32.40% of the company's stock.

Joby Aviation 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.