Geode Capital Management LLC Acquires 390,794 Shares of Joby Aviation, Inc. $JOBY

Geode Capital Management LLC lifted its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY) by 3.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 11,790,532 shares of the company’s stock after purchasing an additional 390,794 shares during the quarter. Geode Capital Management LLC’s holdings in Joby Aviation were worth $155,671,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in JOBY. Royal Bank of Canada boosted its stake in shares of Joby Aviation by 110.5% during the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after acquiring an additional 44,659 shares during the period. AQR Capital Management LLC acquired a new stake in Joby Aviation during the 1st quarter worth approximately $273,000. Strs Ohio acquired a new position in Joby Aviation in the 1st quarter valued at $37,000. Cetera Investment Advisers raised its holdings in Joby Aviation by 16.0% in the 2nd quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock valued at $676,000 after acquiring an additional 8,840 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Joby Aviation by 80.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock valued at $7,920,000 after acquiring an additional 333,995 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Joby Aviation

In related news, insider Kate Dehoff sold 14,295 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $8.73, for a total transaction of $124,795.35. Following the sale, the insider owned 163,567 shares in the company, valued at $1,427,939.91. The trade was a 8.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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. Also, insider Eric Allison sold 74,844 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $10.00, for a total value of $748,440.00. Following the sale, the insider owned 676,008 shares in the company, valued at $6,760,080. This represents a 9.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,505,784 shares of company stock worth $15,457,801 over the last three months. 28.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Morgan Stanley dropped their price objective on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Weiss Ratings cut Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Wednesday, May 6th. Canaccord Genuity Group dropped their price objective on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. Finally, Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $13.06.

Joby Aviation Trading Down 3.7%

Shares of JOBY opened at $11.43 on Thursday. Joby Aviation, Inc. has a 52-week low of $7.49 and a 52-week high of $20.95. The business’s fifty day moving average is $9.64 and its 200-day moving average is $11.54. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The firm has a market cap of $11.24 billion, a price-to-earnings ratio of -9.93 and a beta of 2.66.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same quarter last year, the company posted ($0.11) EPS. Equities analysts anticipate that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

About Joby Aviation

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.