Qsemble Capital Management LP Sells 418,623 Shares of Joby Aviation, Inc. $JOBY

Key Points

• Qsemble Capital Management cut its Joby Aviation stake by 92% in the second quarter, selling 418,623 shares and retaining 36,316 shares valued at approximately $324,000.
• Joby reported a quarterly loss of $0.25 per share, missing estimates by $0.02, despite revenue of $38.64 million exceeding expectations. The company remains deeply unprofitable, with a negative net margin of 755.11%.
• Analyst sentiment is cautious: the stock has an average “Reduce” rating and an average price target of $13.81 versus a recent price of $7.92. Insiders have also sold 692,217 shares worth roughly $7.55 million over the past 90 days.

Qsemble Capital Management LP lowered its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 92.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,316 shares of the company's stock after selling 418,623 shares during the quarter. Qsemble Capital Management LP's holdings in Joby Aviation were worth $324,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in JOBY. EP Wealth Advisors LLC boosted its holdings in shares of Joby Aviation by 2.2% in the second quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company's stock worth $403,000 after buying an additional 821 shares during the last quarter. CIBC Private Wealth Group LLC increased its holdings in Joby Aviation by 38.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 4,256 shares of the company's stock valued at $56,000 after buying an additional 1,188 shares during the last quarter. Strs Ohio increased its holdings in Joby Aviation by 2.5% during the first quarter. Strs Ohio now owns 50,000 shares of the company's stock valued at $413,000 after buying an additional 1,200 shares during the last quarter. Scotia Capital Inc. raised its position in Joby Aviation by 8.1% in the third quarter. Scotia Capital Inc. now owns 16,663 shares of the company's stock worth $269,000 after acquiring an additional 1,250 shares during the period. Finally, Parallel Advisors LLC raised its position in Joby Aviation by 23.3% in the third quarter. Parallel Advisors LLC now owns 6,845 shares of the company's stock worth $110,000 after acquiring an additional 1,295 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 $7.92 on Friday. The company has a market capitalization of $7.84 billion, a P/E ratio of -8.00 and a beta of 2.73. Joby Aviation, Inc. has a 1-year low of $6.63 and a 1-year high of $19.98. The firm's 50 day simple moving average is $8.35 and its two-hundred day simple moving average is $9.37. The company has a debt-to-equity ratio of 0.40, a current ratio of 17.98 and a quick ratio of 22.05.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.02). The firm 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 business's revenue for the quarter was up 257493.3% on a year-over-year basis. During the same period last year, the company earned ($0.41) earnings per share. Research analysts expect that Joby Aviation, Inc. will post -1 EPS for the current fiscal year.

Insider Activity at Joby Aviation

In related news, CFO Rodrigo Brumana sold 78,489 shares of the company's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $11.30, for a total value of $886,925.70. Following the completion of the transaction, the chief financial officer owned 81,694 shares of the company's stock, valued at approximately $923,142.20. This represents a 49.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kate Dehoff sold 14,240 shares of the stock in a transaction on Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total value of $110,075.20. Following the completion of the sale, the insider owned 180,179 shares of the company's stock, valued at $1,392,783.67. The trade was a 7.32% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 692,217 shares of company stock worth $7,551,000 in the last 90 days. Company insiders own 20.35% of the company's stock.

Wall Street Analysts Forecast Growth

JOBY has been the subject of a number of recent research reports. Morgan Stanley cut their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 6th. HC Wainwright reaffirmed a "buy" rating on shares of Joby Aviation in a report on Thursday, August 6th. Weiss Ratings upgraded Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 14th. Canaccord Genuity Group cut their price target on Joby Aviation from $15.50 to $11.50 and set a "hold" rating for the company in a report on Thursday, May 7th. Finally, Susquehanna set a $18.00 price target on Joby Aviation in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $13.81.

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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