Hsbc Holdings PLC Trims Stake in Joby Aviation, Inc. (NYSE:JOBY)

Hsbc Holdings PLC reduced its stake in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 76.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,271 shares of the company's stock after selling 160,617 shares during the quarter. Hsbc Holdings PLC's holdings in Joby Aviation were worth $416,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Whittier Trust Co. purchased a new position in Joby Aviation during the 4th quarter valued at about $38,000. Salem Investment Counselors Inc. grew its position in Joby Aviation by 5,000.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock worth $41,000 after purchasing an additional 5,000 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new position in shares of Joby Aviation in the 4th quarter valued at $41,000. Golden State Wealth Management LLC acquired a new position in shares of Joby Aviation in the fourth quarter valued at about $42,000. Finally, Allworth Financial LP raised its position in Joby Aviation by 200.6% during the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company's stock worth $44,000 after buying an additional 3,320 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors.

Insider Activity at Joby Aviation

In other news, CEO Joeben Bevirt sold 10,785 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $7.43, for a total value of $80,132.55. Following the transaction, the chief executive officer now owns 793,036 shares in the company, valued at approximately $5,892,257.48. This represents a 1.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul Cahill Sciarra sold 166,667 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $1,130,002.26. Following the completion of the sale, the director now directly owns 58,494,728 shares of the company's stock, valued at approximately $396,594,255.84. This trade represents a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 668,827 shares of company stock worth $4,108,524. Corporate insiders own 32.40% of the company's stock.

Joby Aviation Trading Up 1.5 %

Shares of NYSE JOBY opened at $6.46 on Thursday. The stock has a market capitalization of $5.09 billion, a PE ratio of -9.22 and a beta of 2.34. The stock has a fifty day simple moving average of $6.20 and a 200-day simple moving average of $7.04. Joby Aviation, Inc. has a twelve month low of $4.66 and a twelve month high of $10.72.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on JOBY. Morgan Stanley reissued an "equal weight" rating and issued a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. HC Wainwright restated a "buy" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, April 30th. Canaccord Genuity Group upped their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a report on Wednesday, January 8th. Cantor Fitzgerald restated an "overweight" rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Monday. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $8.58.

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.

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