RFG Advisory LLC Takes $501,000 Position in Joby Aviation, Inc. $JOBY

Key Points

• RFG Advisory LLC has acquired a new stake in Joby Aviation, purchasing 47,450 shares valued at approximately $501,000 during the second quarter.
• Joby Aviation has seen multiple hedge funds adjusting their positions, with 52.85% of its stock now owned by institutional investors and hedge funds.
• Joby Aviation reported a significant increase in insider selling, with insiders selling 1,830,880 shares valued at $28,060,985 over the past 90 days.

RFG Advisory LLC bought a new stake in Joby Aviation, Inc. (NYSE:JOBY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 47,450 shares of the company's stock, valued at approximately $501,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. ARK Investment Management LLC grew its holdings in Joby Aviation by 1.6% during the 1st quarter. ARK Investment Management LLC now owns 3,442,843 shares of the company's stock worth $20,726,000 after acquiring an additional 54,052 shares in the last quarter. Nuveen LLC bought a new stake in shares of Joby Aviation during the 1st quarter worth about $18,936,000. Valueworks LLC raised its holdings in shares of Joby Aviation by 0.7% in the 1st quarter. Valueworks LLC now owns 2,356,030 shares of the company's stock worth $14,183,000 after purchasing an additional 15,860 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Joby Aviation by 5.4% in the 1st quarter. Bank of New York Mellon Corp now owns 1,348,491 shares of the company's stock worth $8,118,000 after purchasing an additional 69,464 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Joby Aviation by 16.1% in the 1st quarter. Invesco Ltd. now owns 972,517 shares of the company's stock worth $5,855,000 after purchasing an additional 134,982 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on JOBY. Cantor Fitzgerald reissued a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Monday, June 23rd. HC Wainwright cut shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Joby Aviation in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, Canaccord Genuity Group lowered shares of Joby Aviation from a "buy" rating to a "hold" rating and increased their price objective for the stock from $12.00 to $17.00 in a report on Thursday, August 7th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $11.83.

Insiders Place Their Bets

In related news, insider Eric Allison sold 27,537 shares of the company's stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $16.84, for a total transaction of $463,723.08. Following the completion of the sale, the insider owned 692,428 shares of the company's stock, valued at $11,660,487.52. This represents a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Bonny W. Simi sold 173,456 shares of the business's stock in a transaction dated Friday, August 8th. The stock was 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. The trade was a 45.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,830,880 shares of company stock valued at $28,060,985 over the last 90 days. 28.50% of the stock is owned by company insiders.

Joby Aviation Stock Down 2.4%

Shares of JOBY opened at $15.68 on Friday. Joby Aviation, Inc. has a twelve month low of $4.80 and a twelve month high of $20.95. The company has a 50 day moving average of $15.62 and a 200-day moving average of $11.75. The stock has a market capitalization of $13.42 billion, a P/E ratio of -14.65 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its 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 analyst estimates of $0.05 million. During the same period in the previous year, the company earned ($0.18) earnings per share. The company's quarterly revenue was down 94.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

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.

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