Fred Alger Management LLC Sells 692,671 Shares of Joby Aviation, Inc. (NYSE:JOBY)

Fred Alger Management LLC trimmed its holdings in Joby Aviation, Inc. (NYSE:JOBY) by 91.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 65,139 shares of the company’s stock after selling 692,671 shares during the quarter. Fred Alger Management LLC’s holdings in Joby Aviation were worth $332,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its position in shares of Joby Aviation by 216.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares during the last quarter. Integris Wealth Management LLC bought a new position in shares of Joby Aviation during the 2nd quarter valued at approximately $54,000. Dakota Wealth Management bought a new position in shares of Joby Aviation during the 2nd quarter valued at approximately $56,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Joby Aviation during the 2nd quarter valued at approximately $57,000. Finally, Choreo LLC bought a new position in shares of Joby Aviation during the 2nd quarter valued at approximately $60,000. 45.54% of the stock is currently owned by institutional investors.

Joby Aviation Stock Performance

Shares of JOBY opened at $5.22 on Friday. The business has a fifty day moving average of $5.32 and a 200 day moving average of $5.21. Joby Aviation, Inc. has a 52-week low of $4.50 and a 52-week high of $7.69.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting the consensus estimate of ($0.18). The business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.28 million. During the same quarter last year, the business posted ($0.17) earnings per share. As a group, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Canaccord Genuity Group lowered their target price on Joby Aviation from $11.00 to $10.50 and set a “buy” rating for the company in a research report on Thursday, August 8th. JPMorgan Chase & Co. raised their price target on Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 23rd. Finally, HC Wainwright assumed coverage on Joby Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $9.00 price target for the company.

Insider Transactions at Joby Aviation

In other news, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the completion of the sale, the insider now directly owns 18,035 shares in the company, valued at $92,699.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Matthew Field sold 5,642 shares of Joby Aviation stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $5.19, for a total value of $29,281.98. Following the completion of the sale, the insider now directly owns 294,238 shares in the company, valued at $1,527,095.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $5.14, for a total value of $137,623.50. Following the completion of the sale, the insider now owns 18,035 shares of the company’s stock, valued at $92,699.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 354,615 shares of company stock worth $1,762,283. 32.40% of the stock is currently owned by insiders.

Joby Aviation Company Profile

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.