Fred Alger Management LLC Increases Stock Holdings in Joby Aviation, Inc. (NYSE:JOBY)

Fred Alger Management LLC increased its holdings in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 774.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,079,065 shares of the company's stock after acquiring an additional 955,697 shares during the quarter. Fred Alger Management LLC owned about 0.14% of Joby Aviation worth $8,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of JOBY. Rheos Capital Works Inc. boosted its holdings in shares of Joby Aviation by 17.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock worth $19,553,000 after buying an additional 350,000 shares during the last quarter. Hamilton Lane Advisors LLC bought a new stake in shares of Joby Aviation during the 4th quarter valued at $418,000. Entropy Technologies LP purchased a new stake in shares of Joby Aviation in the 4th quarter worth $300,000. Raymond James Financial Inc. bought a new position in Joby Aviation in the 4th quarter worth $2,168,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Joby Aviation by 10.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company's stock valued at $31,661,000 after purchasing an additional 361,520 shares during the period. 52.85% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Price Performance

NYSE:JOBY traded up $0.16 during mid-day trading on Tuesday, hitting $7.17. The company's stock had a trading volume of 14,689,961 shares, compared to its average volume of 11,780,352. The business's fifty day moving average is $6.21 and its two-hundred day moving average is $7.07. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of -10.24 and a beta of 2.34. Joby Aviation, Inc. has a 1 year low of $4.66 and a 1 year high of $10.72.

Insider Transactions at Joby Aviation

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,667 shares of the business's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $5.73, for a total value of $955,001.91. Following the transaction, the director now directly owns 58,328,061 shares in the company, valued at $334,219,789.53. The trade was a 0.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Bonny W. Simi sold 12,382 shares of the firm's stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $5.81, for a total value of $71,939.42. Following the sale, the insider now directly owns 203,588 shares of the company's stock, valued at approximately $1,182,846.28. This trade represents a 5.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 669,802 shares of company stock valued at $4,114,387 over the last 90 days. Corporate insiders own 28.50% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on JOBY shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Monday, May 5th. JPMorgan Chase & Co. cut their price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research note on Thursday, February 27th. Morgan Stanley restated an "equal weight" rating and issued a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Needham & Company LLC reissued a "buy" rating and set a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, HC Wainwright reissued a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $8.67.

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.