Renaissance Technologies LLC Has $33.08 Million Stock Position in Joby Aviation, Inc. $JOBY

Renaissance Technologies LLC raised its stake in Joby Aviation, Inc. (NYSE:JOBY) by 194.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,005,200 shares of the company’s stock after acquiring an additional 2,645,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Joby Aviation were worth $33,083,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Fifth Third Bancorp boosted its holdings in shares of Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after acquiring an additional 1,348 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Joby Aviation during the fourth quarter worth approximately $28,000. Ancora Advisors LLC bought a new position in shares of Joby Aviation during the third quarter worth approximately $35,000. Pandora Wealth Inc. bought a new position in shares of Joby Aviation during the fourth quarter worth approximately $32,000. Finally, DV Equities LLC acquired a new stake in Joby Aviation during the 4th quarter worth approximately $33,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Bonny W. Simi sold 7,832 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total transaction of $69,861.44. Following the sale, the insider directly owned 231,687 shares of the company’s stock, valued at approximately $2,066,648.04. This represents a 3.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joeben Bevirt sold 15,788 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total value of $140,828.96. Following the completion of the transaction, the chief executive officer owned 239,671 shares in the company, valued at $2,137,865.32. The trade was a 6.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 1,125,580 shares of company stock worth $12,172,117. 20.35% of the stock is owned by insiders.

Joby Aviation Stock Down 1.2%

Shares of JOBY opened at $7.28 on Wednesday. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. Joby Aviation, Inc. has a 12 month low of $6.89 and a 12 month high of $20.95. The firm’s 50 day moving average is $9.20 and its 200-day moving average is $9.98. The stock has a market capitalization of $7.16 billion, a PE ratio of -6.33 and a beta of 2.71.

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 business had revenue of $24.25 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the company posted ($0.11) earnings per share. Equities research analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on JOBY. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Morgan Stanley lowered their price objective on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. Weiss Ratings raised Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 14th. Canaccord Genuity Group reduced their target price 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, Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $13.64.

Joby Aviation Company 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.