Sumitomo Mitsui Trust Group Inc. Sells 43,983 Shares of Joby Aviation, Inc. (NYSE:JOBY)

Sumitomo Mitsui Trust Group Inc. lessened its stake in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 1.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,561,976 shares of the company's stock after selling 43,983 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.33% of Joby Aviation worth $15,423,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of JOBY. Raymond James Financial Inc. bought a new position in shares of Joby Aviation in the 4th quarter worth about $2,168,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Joby Aviation in the 4th quarter worth about $121,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 purchasing an additional 361,520 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Joby Aviation during the fourth quarter worth $311,000. Finally, Deutsche Bank AG raised its position in Joby Aviation by 26.0% in the 4th 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 last quarter. 52.85% of the stock is owned by institutional investors.

Joby Aviation Price Performance

JOBY traded up $0.09 on Monday, hitting $10.64. The company had a trading volume of 18,662,695 shares, compared to its average volume of 14,978,670. Joby Aviation, Inc. has a 52-week low of $4.66 and a 52-week high of $11.16. The stock has a fifty day simple moving average of $8.05 and a 200-day simple moving average of $7.52. The firm has a market capitalization of $8.42 billion, a P/E ratio of -12.67 and a beta of 2.47.

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

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 472,000 shares of Joby Aviation stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $9.82, for a total value of $4,635,040.00. Following the completion of the sale, the chief executive officer owned 360,999 shares of the company's stock, valued at approximately $3,545,010.18. The trade was a 56.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Allison sold 24,395 shares of Joby Aviation stock in a transaction on Monday, April 14th. The stock was sold at an average price of $6.04, for a total value of $147,345.80. Following the completion of the sale, the insider directly owned 627,726 shares of the company's stock, valued at $3,791,465.04. The trade was a 3.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,504,881 shares of company stock valued at $13,413,350. Company insiders own 32.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on JOBY. 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 reaffirmed an "equal weight" rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. HC Wainwright reissued a "buy" rating and set a $13.00 price objective (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $12.00 target price on shares of Joby Aviation in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target 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.