Norges Bank Takes Position in Joby Aviation, Inc. $JOBY

Norges Bank bought a new stake in Joby Aviation, Inc. (NYSE:JOBY) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,444,645 shares of the company’s stock, valued at approximately $32,269,000. Norges Bank owned approximately 0.27% of Joby Aviation as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Strategic Advocates LLC acquired a new stake in shares of Joby Aviation in the third quarter valued at $29,000. Fifth Third Bancorp increased its position in Joby Aviation by 207.4% in the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after purchasing an additional 1,348 shares during the period. Ancora Advisors LLC acquired a new stake in Joby Aviation in the third quarter worth about $35,000. Pandora Wealth Inc. acquired a new stake in Joby Aviation in the fourth quarter worth about $32,000. Finally, EverSource Wealth Advisors LLC increased its position in Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after purchasing an additional 1,880 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Joby Aviation news, Director Paul Cahill Sciarra sold 416,666 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $12.02, for a total transaction of $5,008,325.32. Following the transaction, the director owned 55,911,391 shares in the company, valued at approximately $672,054,919.82. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kate Dehoff sold 14,295 shares of the firm’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $8.73, for a total value of $124,795.35. Following the transaction, the insider owned 163,567 shares in the company, valued at approximately $1,427,939.91. This trade represents a 8.04% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last 90 days, insiders have sold 1,570,518 shares of company stock valued at $16,203,738. Insiders own 32.40% of the company’s stock.

Joby Aviation Price Performance

Shares of JOBY opened at $9.69 on Tuesday. 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 1 year low of $7.75 and a 1 year high of $20.95. The stock has a market cap of $9.53 billion, a P/E ratio of -8.43 and a beta of 2.66. The stock’s 50-day moving average price is $9.72 and its two-hundred day moving average price is $11.46.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The firm had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $20.17 million. During the same quarter last year, the business earned ($0.11) earnings per share. On average, equities analysts predict that Joby Aviation, Inc. will post -0.83 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on JOBY shares. JPMorgan Chase & Co. lowered their price objective on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Thursday, February 26th. Canaccord Genuity Group lowered their price objective on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research report on Thursday, May 7th. Weiss Ratings lowered Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Oppenheimer set a $18.00 price objective on Joby Aviation in a research report on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $13.06.

Joby Aviation 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.