Vanguard Group Inc. Has $273.13 Million Holdings in Joby Aviation, Inc. $JOBY

Key Points

• Vanguard Group Inc. has reduced its stake in Joby Aviation by 3.0%, owning approximately $273 million in the company after selling over 1.3 million shares.
• Joby Aviation missed earnings expectations, reporting a loss of ($0.24) EPS compared to the expected loss of ($0.18) EPS, with a significant year-over-year revenue decline of 94.6%.
• Analysts have issued mixed ratings for Joby Aviation, with a consensus rating of "Hold" and an average price target of $10.50.

Vanguard Group Inc. lowered its stake in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 3.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,369,566 shares of the company's stock after selling 1,390,996 shares during the period. Vanguard Group Inc. owned 5.76% of Joby Aviation worth $273,125,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in JOBY. Toyota Motor Corp bought a new stake in shares of Joby Aviation during the 4th quarter worth approximately $640,259,000. Uber Technologies Inc bought a new stake in Joby Aviation in the 4th quarter valued at $207,842,000. Nuveen Asset Management LLC raised 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 valued at $34,634,000 after acquiring an additional 3,272,597 shares during the period. Rheos Capital Works Inc. raised 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 valued at $27,421,000 after acquiring an additional 2,150,000 shares during the period. Finally, Fred Alger Management LLC raised its stake in Joby Aviation by 774.7% in the 4th quarter. Fred Alger Management LLC now owns 1,079,065 shares of the company's stock valued at $8,773,000 after acquiring an additional 955,697 shares during the period. Institutional investors own 52.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Monday, June 23rd. JPMorgan Chase & Co. increased their price target on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. HC Wainwright cut Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. Wall Street Zen cut Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Finally, Canaccord Genuity Group lowered Joby Aviation from a "buy" rating to a "hold" rating and upped their price objective for the company from $12.00 to $17.00 in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $10.50.

Insider Activity at Joby Aviation

In other news, insider Bonny W. Simi sold 173,456 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the sale, the insider directly owned 211,397 shares of the company's stock, valued at approximately $3,646,598.25. This represents a 45.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 5,102 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $10.28, for a total value of $52,448.56. Following the sale, the insider directly owned 84,953 shares in the company, valued at approximately $873,316.84. This trade represents a 5.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,936,558 shares of company stock worth $21,551,263 in the last quarter. 32.40% of the stock is currently owned by corporate insiders.

Joby Aviation Price Performance

NYSE JOBY traded down $0.58 on Monday, reaching $16.05. The stock had a trading volume of 29,242,536 shares, compared to its average volume of 35,657,940. The firm has a fifty day moving average of $13.60 and a two-hundred day moving average of $9.16. Joby Aviation, Inc. has a 1-year low of $4.70 and a 1-year high of $20.95. The company has a market cap of $13.74 billion, a P/E ratio of -15.00 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 71.29%. The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. During the same period in the prior year, the company earned ($0.18) earnings per share. The business's quarterly revenue was down 94.6% compared to the same quarter last year. Research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal 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.