Pier 88 Investment Partners LLC Makes New Investment in Joby Aviation, Inc. $JOBY

Key Points

• Pier 88 Investment Partners opened a new position in Joby by buying 39,330 shares in Q3, valued at about $635,000, as part of the 52.85% of the company held by institutions.
• Company insiders have been net sellers, offloading 289,556 shares (~$4.05 million) in the last three months (notably Bonny W. Simi and Kate Dehoff), leaving insiders with 32.40% ownership.
• Joby shares traded down ~4.8% to $13.26; the company missed quarterly EPS (−$0.48 vs. −$0.19 est.) despite a large revenue jump, and analysts' consensus rating is "Reduce" with a $13.43 price target.

Pier 88 Investment Partners LLC bought a new position in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 39,330 shares of the company's stock, valued at approximately $635,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Asset Planning Inc lifted its stake in shares of Joby Aviation by 70.0% in the third quarter. Asset Planning Inc now owns 1,700 shares of the company's stock valued at $27,000 after purchasing an additional 700 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after buying an additional 1,880 shares in the last quarter. Canton Hathaway LLC acquired a new stake in shares of Joby Aviation during the 3rd quarter valued at approximately $29,000. Hilltop National Bank acquired a new stake in shares of Joby Aviation during the 3rd quarter valued at approximately $32,000. Finally, GPS Wealth Strategies Group LLC boosted its stake in shares of Joby Aviation by 32.0% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after acquiring an additional 750 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Trading Down 4.8%

Shares of JOBY opened at $13.26 on Tuesday. The stock's fifty day simple moving average is $14.45 and its 200 day simple moving average is $15.41. Joby Aviation, Inc. has a twelve month low of $4.96 and a twelve month high of $20.95. The firm has a market capitalization of $12.09 billion, a P/E ratio of -9.90 and a beta of 2.56.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The business had revenue of $22.57 million during the quarter, compared to the consensus estimate of $0.02 million. Joby Aviation's revenue was up 7962.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.21) EPS. Sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 110,173 shares of Joby Aviation stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $13.85, for a total transaction of $1,525,896.05. Following the transaction, the insider directly owned 125,114 shares of the company's stock, valued at $1,732,828.90. The trade was a 46.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kate Dehoff sold 28,260 shares of the stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total transaction of $415,987.20. Following the completion of the sale, the insider directly owned 149,369 shares of the company's stock, valued at $2,198,711.68. The trade was a 15.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 289,556 shares of company stock valued at $4,052,822 in the last three months. 32.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Zacks Research raised Joby Aviation from a "strong sell" rating to a "hold" rating in a research note on Tuesday, November 4th. The Goldman Sachs Group assumed coverage on Joby Aviation in a research report on Monday, December 1st. They issued a "sell" rating and a $10.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $22.00 price target on shares of Joby Aviation in a research note on Thursday, November 6th. JPMorgan Chase & Co. increased their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the company an "underweight" rating in a research note on Friday, October 31st. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a report on Thursday. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Joby Aviation currently has a consensus rating of "Reduce" and a consensus price target of $13.43.

About Joby Aviation

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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