Rhumbline Advisers Boosts Stake in Joby Aviation, Inc. $JOBY

Key Points

• Rhumbline Advisers has increased its stake in Joby Aviation by 5.4%, owning approximately 626,743 shares valued at $3.77 million.
• Several institutional investors, including Toyota Motor Corp and Nuveen Asset Management, have also boosted their positions significantly in Joby Aviation during recent quarters.
• Joby Aviation's stock has faced analyst downgrades, with varying ratings from "Hold" to "Sell," despite an average target price of $10.50, indicating mixed sentiments among Wall Street analysts.

Rhumbline Advisers lifted its holdings in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 626,743 shares of the company's stock after buying an additional 32,324 shares during the period. Rhumbline Advisers owned approximately 0.08% of Joby Aviation worth $3,773,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Toyota Motor Corp acquired a new stake in Joby Aviation during the fourth quarter worth about $640,259,000. Rheos Capital Works Inc. increased its position in Joby Aviation by 89.4% during the first quarter. Rheos Capital Works Inc. now owns 4,555,000 shares of the company's stock worth $27,421,000 after purchasing an additional 2,150,000 shares during the last quarter. Nuveen Asset Management LLC increased its position in Joby Aviation by 331.4% during the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock worth $34,634,000 after purchasing an additional 3,272,597 shares during the last quarter. ARK Investment Management LLC increased its position in Joby Aviation by 1.6% during the first quarter. ARK Investment Management LLC now owns 3,442,843 shares of the company's stock worth $20,726,000 after purchasing an additional 54,052 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Joby Aviation during the first quarter worth about $18,936,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 20,823 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $13.67, for a total value of $284,650.41. Following the transaction, the insider directly owned 202,276 shares of the company's stock, valued at approximately $2,765,112.92. The trade was a 9.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bonny W. Simi sold 173,456 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the completion of the transaction, the insider directly owned 211,397 shares in the company, valued at $3,646,598.25. This represents a 45.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,439,630 shares of company stock worth $28,826,505 over the last 90 days. Company insiders own 32.40% of the company's stock.

Joby Aviation Stock Up 2.4%

Shares of Joby Aviation stock opened at $14.00 on Monday. Joby Aviation, Inc. has a 52-week low of $4.78 and a 52-week high of $20.95. The company has a 50 day moving average of $15.38 and a 200 day moving average of $10.02. The company has a market capitalization of $11.99 billion, a P/E ratio of -13.09 and a beta of 2.51.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $0.05 million. Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The firm's quarterly revenue was down 94.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.18) EPS. As a group, research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

About Joby Aviation

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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