Valueworks LLC Has $14.18 Million Holdings in Joby Aviation, Inc. $JOBY

Valueworks LLC lifted its position in shares of Joby Aviation, Inc. (NYSE:JOBY) by 0.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,356,030 shares of the company’s stock after purchasing an additional 15,860 shares during the quarter. Joby Aviation comprises 5.3% of Valueworks LLC’s investment portfolio, making the stock its 6th biggest holding. Valueworks LLC’s holdings in Joby Aviation were worth $14,183,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Toyota Motor Corp purchased a new position in Joby Aviation during the fourth quarter valued at $640,259,000. Uber Technologies Inc purchased a new stake in shares of Joby Aviation in the 4th quarter worth about $207,842,000. Nuveen Asset Management LLC increased its stake in shares of Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock worth $34,634,000 after acquiring an additional 3,272,597 shares in the last quarter. Nuveen LLC purchased a new position in Joby Aviation during the 1st quarter valued at about $18,936,000. Finally, Rheos Capital Works Inc. lifted its position in Joby Aviation by 89.4% during the 1st quarter. Rheos Capital Works Inc. now owns 4,555,000 shares of the company’s stock valued at $27,421,000 after acquiring an additional 2,150,000 shares during the period. 52.85% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Price Performance

Joby Aviation stock opened at $14.9370 on Friday. Joby Aviation, Inc. has a one year low of $4.70 and a one year high of $20.95. The business’s fifty day moving average is $14.05 and its 200 day moving average is $9.32. The stock has a market capitalization of $12.79 billion, a PE ratio of -13.96 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The business had revenue of $0.02 million during the quarter, compared to analysts’ expectations of $0.05 million. Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.Joby Aviation’s quarterly revenue was down 94.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.18) EPS. As a group, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In related news, CEO Joeben Bevirt sold 472,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $9.82, for a total transaction of $4,635,040.00. Following the transaction, the chief executive officer owned 360,999 shares in the company, valued at $3,545,010.18. This represents a 56.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bonny W. Simi sold 300,000 shares of the firm’s stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $10.79, for a total transaction of $3,237,000.00. Following the completion of the sale, the insider owned 203,588 shares in the company, valued at $2,196,714.52. This represents a 59.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,933,156 shares of company stock valued at $21,528,877 over the last three months. Corporate insiders own 28.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on JOBY shares. JPMorgan Chase & Co. upped their price objective on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an “underweight” rating in a report on Friday, August 1st. Canaccord Genuity Group downgraded Joby Aviation from a “buy” rating to a “hold” rating and upped their price target for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. HC Wainwright lowered Joby Aviation from a “buy” rating to a “neutral” rating in a research report on Thursday, August 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Finally, Wall Street Zen cut Joby Aviation from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $10.50.

About Joby Aviation

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.