Joby Aviation, Inc. $JOBY Shares Sold by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC lessened its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY) by 97.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 27,700 shares of the company’s stock after selling 995,800 shares during the period. Pier 88 Investment Partners LLC’s holdings in Joby Aviation were worth $168,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Renaissance Technologies LLC grew its position in shares of Joby Aviation by 194.5% in the 1st quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock worth $33,083,000 after buying an additional 2,645,200 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in Joby Aviation by 4.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,947,672 shares of the company’s stock valued at $17,833,000 after acquiring an additional 131,920 shares during the period. Amova Asset Management Americas Inc. lifted its position in Joby Aviation by 48.1% during the 1st quarter. Amova Asset Management Americas Inc. now owns 2,678,495 shares of the company’s stock valued at $22,124,000 after acquiring an additional 870,244 shares during the period. Bank of New York Mellon Corp boosted its stake in Joby Aviation by 27.6% during the second quarter. Bank of New York Mellon Corp now owns 2,136,710 shares of the company’s stock worth $19,059,000 after acquiring an additional 462,585 shares in the last quarter. Finally, HighTower Advisors LLC boosted its stake in Joby Aviation by 3.5% during the second quarter. HighTower Advisors LLC now owns 920,410 shares of the company’s stock worth $8,210,000 after acquiring an additional 30,928 shares in the last quarter. Institutional investors own 52.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on JOBY shares. Morgan Stanley cut their price objective on shares of Joby Aviation from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, October 16th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a report on Monday, September 21st. Barclays started coverage on Joby Aviation in a research report on Friday, October 9th. They issued an “underweight” rating and a $4.00 price target on the stock. Susquehanna set a $18.00 price target on Joby Aviation in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 7th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $11.33.

Joby Aviation Price Performance

Shares of NYSE:JOBY opened at $5.34 on Friday. Joby Aviation, Inc. has a 1-year low of $4.43 and a 1-year high of $16.58. The company has a debt-to-equity ratio of 0.40, a quick ratio of 18.29 and a current ratio of 18.29. The business has a fifty day moving average price of $5.65 and a 200-day moving average price of $8.28.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.03. Joby Aviation had a negative net margin of 462.85% and a negative return on equity of 48.24%. The company had revenue of $55.09 million for the quarter, compared to analysts’ expectations of $38.95 million. During the same quarter in the previous year, the business posted ($0.48) EPS. Joby Aviation’s revenue was up 143.8% compared to the same quarter last year. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.97 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 5,302 shares of Joby Aviation stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $5.78, for a total value of $30,645.56. Following the completion of the transaction, the insider directly owned 193,704 shares of the company’s stock, valued at approximately $1,119,609.12. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kate Dehoff sold 8,279 shares of Joby Aviation stock in a transaction dated Tuesday, October 13th. The stock was sold at an average price of $5.09, for a total transaction of $42,140.11. Following the completion of the transaction, the insider directly owned 196,964 shares of the company’s stock, valued at $1,002,546.76. This trade represents a 4.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 955,128 shares of company stock worth $5,842,590 in the last 90 days. Insiders own 20.35% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation, Inc. develops electric vertical takeoff and landing (eVTOL) aircraft for passenger transportation. Its aircraft are designed to take off and land vertically, then fly like an airplane, with the goal of providing quiet, zero-operating-emission air taxi services for urban and regional trips. Founded in 2009 by JoeBen Bevirt, the California-based company is working to develop and manufacture its aircraft and establish the operations needed to offer commercial passenger flights. Joby has also pursued partnerships to support its planned air taxi service and connect it with existing transportation platforms.