Russell Investments Group Ltd. boosted its stake in shares of Joby Aviation, Inc. (NYSE:JOBY – Free Report) by 30.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 352,874 shares of the company’s stock after buying an additional 82,737 shares during the period. Russell Investments Group Ltd.’s holdings in Joby Aviation were worth $3,148,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Renaissance Technologies LLC increased its position in shares of Joby Aviation by 194.5% in the first quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock worth $33,083,000 after acquiring an additional 2,645,200 shares in the last quarter. Vanguard Group Inc. boosted its stake in Joby Aviation by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock worth $692,851,000 after purchasing an additional 2,540,382 shares during the period. Man Group plc acquired a new position in Joby Aviation in the 3rd quarter worth approximately $40,283,000. Norges Bank purchased a new position in Joby Aviation during the 4th quarter worth approximately $32,269,000. Finally, Price T Rowe Associates Inc. MD grew its position in Joby Aviation by 80.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company’s stock worth $44,672,000 after purchasing an additional 1,512,094 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, insider Kate Dehoff sold 14,240 shares of the stock in a transaction on Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total transaction of $110,075.20. Following the completion of the sale, the insider directly owned 180,179 shares in the company, valued at approximately $1,392,783.67. This trade represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a legal 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Cahill Sciarra sold 416,666 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $12.02, for a total value of $5,008,325.32. Following the sale, the director owned 55,911,391 shares of the company’s stock, valued at approximately $672,054,919.82. This represents a 0.74% decrease in their ownership of the stock. 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 sold a total of 692,217 shares of company stock valued at $7,551,000 in the last three months. Company insiders own 20.35% of the company’s stock.
Joby Aviation Stock Down 4.1%
Joby Aviation (NYSE:JOBY – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The company had revenue of $38.64 million during the quarter, compared to analysts’ expectations of $30.20 million. Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.The firm’s quarterly revenue was up 257493.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.41) EPS. On average, research analysts predict that Joby Aviation, Inc. will post -1 EPS for the current fiscal year.
Analyst Ratings Changes
Several brokerages have issued reports on JOBY. HC Wainwright reissued a “buy” rating on shares of Joby Aviation in a research note on Thursday, August 6th. Weiss Ratings upgraded Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 14th. Canaccord Genuity Group dropped their price target on Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Barclays raised Joby Aviation to a “hold” rating in a research note on Wednesday, July 29th. Finally, Needham & Company LLC decreased their price objective on Joby Aviation from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $13.81.
Get Our Latest Analysis on Joby Aviation
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.
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