Summit Partners Public Asset Management LLC Invests $9.24 Million in Joby Aviation, Inc. $JOBY

Key Points

• Summit Partners Public Asset Management LLC opened a new position in Joby Aviation in the fourth quarter, buying 700,000 shares worth about $9.24 million. The stake represented roughly 0.08% of the company.
• Several other institutional investors also adjusted their holdings, and institutions now own 52.85% of Joby Aviation. At the same time, insiders sold shares in recent transactions, including director Paul Cahill Sciarra’s sale of 416,666 shares.
• Joby Aviation recently reported Q1 earnings of -$0.12 per share, beating estimates, and revenue of $24.25 million, also above expectations. Despite that, the stock was trading down and analysts currently have a consensus rating of “Reduce” with an average target price of $13.06.

Summit Partners Public Asset Management LLC bought a new position in Joby Aviation, Inc. (NYSE:JOBY - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 700,000 shares of the company's stock, valued at approximately $9,240,000. Summit Partners Public Asset Management LLC owned about 0.08% of Joby Aviation as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. &PARTNERS grew its position in shares of Joby Aviation by 36.8% during the 4th quarter. &PARTNERS now owns 26,302 shares of the company's stock valued at $347,000 after buying an additional 7,076 shares during the last quarter. ExodusPoint Capital Management LP grew its position in shares of Joby Aviation by 845.9% during the 4th quarter. ExodusPoint Capital Management LP now owns 485,519 shares of the company's stock valued at $6,409,000 after buying an additional 434,189 shares during the last quarter. Graham Capital Management L.P. bought a new stake in shares of Joby Aviation during the 4th quarter valued at about $219,000. Vanguard Personalized Indexing Management LLC grew its position in shares of Joby Aviation by 2.2% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 67,507 shares of the company's stock valued at $891,000 after buying an additional 1,476 shares during the last quarter. Finally, Verition Fund Management LLC grew its position in shares of Joby Aviation by 8.3% during the 4th quarter. Verition Fund Management LLC now owns 126,837 shares of the company's stock valued at $1,674,000 after buying an additional 9,681 shares during the last quarter. Institutional investors own 52.85% of the company's stock.

Insider Buying and Selling

In other news, Director Paul Cahill Sciarra sold 416,666 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $12.02, for a total value of $5,008,325.32. Following the completion of the sale, the director directly owned 55,911,391 shares of the company's stock, valued at approximately $672,054,919.82. This represents a 0.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gregory Bowles sold 4,602 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $11.47, for a total transaction of $52,784.94. Following the completion of the sale, the insider directly owned 182,319 shares of the company's stock, valued at approximately $2,091,198.93. This represents a 2.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 1,567,987 shares of company stock worth $16,177,273. Company insiders own 32.40% of the company's stock.

Key Headlines Impacting Joby Aviation

Here are the key news stories impacting Joby Aviation this week:

• Positive Sentiment: Investor sentiment around eVTOL/air-taxi stocks improved after a Jefferies consumer survey signaled growing interest in the category, helping lift Joby Aviation alongside peers. Stock Market Today, June 15: Joby Aviation Jumps on Positive Consumer Sentiment on eVOTLs
• Positive Sentiment: Coverage highlighting Joby’s Dayton manufacturing buildout and the broader “birthplace of aviation” narrative reinforces the company’s progress toward production and commercialization. How Joby is building its air taxi company in Dayton with workers who are ‘production heroes’
• Neutral Sentiment: Local media reports continued to spotlight Joby’s Dayton operations and the company’s effort to help define standards in a still-emerging industry. How Joby is building its air taxi company in Dayton with workers who are 'production heroes'
• Neutral Sentiment: A related article emphasized Joby’s Dayton plant as part of a broader effort to create standards for the air-taxi industry; informative, but not a clear near-term financial catalyst. Thomas Gnau: How Joby is building its air taxi company in Dayton with workers who are ‘production heroes’
• Negative Sentiment: Insider Didier Papadopoulos sold shares on June 15 and June 16 under a pre-arranged 10b5-1 plan to cover tax withholding tied to equity vesting, which can still weigh on sentiment even if the sales were routine. SEC Form 4 filing

Joby Aviation Trading Down 3.5%

Joby Aviation stock opened at $9.33 on Wednesday. The firm has a 50-day moving average price of $9.84 and a two-hundred day moving average price of $11.28. The firm has a market capitalization of $9.18 billion, a price-to-earnings ratio of -8.11 and a beta of 2.66. Joby Aviation, Inc. has a 52-week low of $7.75 and a 52-week high of $20.95. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.09. The company had revenue of $24.25 million during the quarter, compared to analyst estimates of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same period in the prior year, the business posted ($0.11) EPS. Sell-side analysts expect that Joby Aviation, Inc. will post -0.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, February 26th. JPMorgan Chase & Co. lowered their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an "underweight" rating for the company in a research report on Thursday, February 26th. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a research report on Wednesday, May 6th. Canaccord Genuity Group lowered their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a "hold" rating for the company in a research report on Thursday, May 7th. Finally, Morgan Stanley lowered their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $13.06.

Joby Aviation Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company's core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby's eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company's flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.

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