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

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

A number of other institutional investors have also added to or reduced their stakes in JOBY. Toyota Motor Corp bought a new position in Joby Aviation in the 4th quarter worth about $640,259,000. Uber Technologies Inc bought a new position in Joby Aviation in the 4th quarter worth about $207,842,000. Vanguard Group Inc. increased its stake in Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock worth $380,163,000 after acquiring an additional 6,388,232 shares during the last quarter. Nuveen Asset Management LLC increased its stake in Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock worth $34,634,000 after acquiring an additional 3,272,597 shares during the last quarter. Finally, Rheos Capital Works Inc. increased its stake in Joby Aviation by 89.4% in the 1st quarter. Rheos Capital Works Inc. now owns 4,555,000 shares of the company's stock worth $27,421,000 after acquiring an additional 2,150,000 shares during the last quarter. Hedge funds and other institutional investors own 52.85% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 333,334 shares of Joby Aviation stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $8.40, for a total value of $2,800,005.60. Following the sale, the director directly owned 57,828,060 shares in the company, valued at approximately $485,755,704. This trade represents a 0.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Allison sold 24,395 shares of Joby Aviation stock in a transaction that occurred 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 owned 627,726 shares in the company, valued at approximately $3,791,465.04. This represents a 3.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,504,881 shares of company stock worth $13,413,350 over the last quarter. Company insiders own 28.50% of the company's stock.

Joby Aviation Stock Performance

JOBY traded up $0.37 on Friday, hitting $10.53. 21,327,894 shares of the company were exchanged, compared to its average volume of 14,963,679. The firm has a fifty day simple moving average of $7.97 and a two-hundred day simple moving average of $7.49. Joby Aviation, Inc. has a 12 month low of $4.66 and a 12 month high of $11.16. The stock has a market capitalization of $8.33 billion, a PE ratio of -12.53 and a beta of 2.47.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter last year, the business posted ($0.14) EPS. On average, equities analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

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.