Sumitomo Mitsui Trust Group Inc. Reduces Position in Joby Aviation, Inc. (NYSE:JOBY)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 1.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,561,976 shares of the company's stock after selling 43,983 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.33% of Joby Aviation worth $15,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Whittier Trust Co. acquired a new position in Joby Aviation during the fourth quarter valued at $38,000. Toronto Dominion Bank acquired a new position in shares of Joby Aviation in the fourth quarter worth about $41,000. Carolinas Wealth Consulting LLC acquired a new position in shares of Joby Aviation in the fourth quarter worth about $41,000. GAMMA Investing LLC raised its position in shares of Joby Aviation by 773.9% in the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after acquiring an additional 5,015 shares during the period. Finally, Covestor Ltd raised its position in shares of Joby Aviation by 195.8% in the fourth quarter. Covestor Ltd now owns 6,022 shares of the company's stock worth $50,000 after acquiring an additional 3,986 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Joby Aviation news, Director Motor Corp/ Toyota acquired 49,701,790 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average price of $5.03 per share, with a total value of $250,000,003.70. Following the purchase, the director owned 122,573,621 shares in the company, valued at approximately $616,545,313.63. The trade was a 68.20% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bonny W. Simi sold 300,000 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $10.79, for a total transaction of $3,237,000.00. Following the sale, the insider directly owned 203,588 shares of the company's stock, valued at approximately $2,196,714.52. This represents a 59.57% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,504,881 shares of company stock worth $13,413,350. Company insiders own 28.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on JOBY. Canaccord Genuity Group reiterated a "buy" rating and issued a $12.00 price objective on shares of Joby Aviation in a research report on Wednesday, June 4th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Monday, June 23rd. Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Finally, HC Wainwright reiterated a "buy" rating and issued a $13.00 price objective (up previously from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $9.33.

Joby Aviation Stock Performance

Shares of JOBY traded up $0.37 during mid-day trading on Friday, hitting $10.53. 21,327,894 shares of the company were exchanged, compared to its average volume of 14,963,679. Joby Aviation, Inc. has a 1-year low of $4.66 and a 1-year high of $11.16. The company has a 50 day moving average of $7.97 and a 200-day moving average of $7.49. The stock has a market cap of $8.33 billion, a price-to-earnings ratio of -12.53 and a beta of 2.47.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate 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 in the prior year, the firm posted ($0.14) earnings per share. 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.