Sumitomo Mitsui Trust Group Inc. Lowers Stock Holdings in Joby Aviation, Inc. (NYSE:JOBY)

Sumitomo Mitsui Trust Group Inc. lessened its position in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 1.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,561,976 shares of the company's stock after selling 43,983 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.33% of Joby Aviation worth $15,423,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in Joby Aviation in the fourth quarter valued at $2,168,000. Wealth Enhancement Advisory Services LLC bought a new position in Joby Aviation in the fourth quarter valued at $121,000. Charles Schwab Investment Management Inc. increased its stake in Joby Aviation by 10.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company's stock valued at $31,661,000 after acquiring an additional 361,520 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Joby Aviation during the fourth quarter valued at about $311,000. Finally, Deutsche Bank AG boosted its position in Joby Aviation by 26.0% during the fourth quarter. Deutsche Bank AG now owns 350,784 shares of the company's stock valued at $2,852,000 after buying an additional 72,329 shares during the period. Institutional investors own 52.85% of the company's stock.

Joby Aviation Stock Up 0.9%

Shares of Joby Aviation stock traded up $0.09 during trading on Monday, reaching $10.64. 18,354,767 shares of the stock were exchanged, compared to its average volume of 14,977,424. The stock's fifty day moving average is $7.97 and its 200 day moving average is $7.49. The firm has a market cap of $8.42 billion, a price-to-earnings ratio of -12.67 and a beta of 2.47. Joby Aviation, Inc. has a 1 year low of $4.66 and a 1 year high of $11.16.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. During the same quarter last year, the company earned ($0.14) earnings per share. Equities analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 3,494 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $9.82, for a total value of $34,311.08. Following the completion of the sale, the insider directly owned 161,241 shares in the company, valued at $1,583,386.62. This trade represents a 2.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Kate Dehoff sold 13,790 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $9.82, for a total transaction of $135,417.80. Following the completion of the sale, the insider owned 215,296 shares of the company's stock, valued at $2,114,206.72. This trade represents a 6.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,504,881 shares of company stock valued at $13,413,350 in the last quarter. 28.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several analyst reports. Cantor Fitzgerald restated a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Monday, June 23rd. Morgan Stanley restated an "equal weight" rating and set a $7.00 price target (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Canaccord Genuity Group restated a "buy" rating and set a $12.00 price target on shares of Joby Aviation in a research report on Wednesday, June 4th. Finally, HC Wainwright restated a "buy" rating and set a $13.00 price target (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Joby Aviation presently has a consensus rating of "Hold" and an average target price of $9.33.

Joby Aviation Company 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.