PNC Financial Services Group Inc. Acquires 2,877 Shares of Joby Aviation, Inc. $JOBY

PNC Financial Services Group Inc. increased its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY) by 23.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,928 shares of the company’s stock after purchasing an additional 2,877 shares during the period. PNC Financial Services Group Inc.’s holdings in Joby Aviation were worth $90,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of JOBY. Toyota Motor Corp bought a new stake in Joby Aviation during the 4th quarter valued at $640,259,000. Uber Technologies Inc bought a new position in shares of Joby Aviation in the 4th quarter worth $207,842,000. Nuveen Asset Management LLC lifted its stake in shares of Joby Aviation by 331.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock worth $34,634,000 after purchasing an additional 3,272,597 shares during the last quarter. Rheos Capital Works Inc. boosted its position in Joby Aviation by 89.4% during the first quarter. Rheos Capital Works Inc. now owns 4,555,000 shares of the company’s stock valued at $27,421,000 after purchasing an additional 2,150,000 shares in the last quarter. Finally, Fred Alger Management LLC boosted its position in Joby Aviation by 774.7% during the fourth quarter. Fred Alger Management LLC now owns 1,079,065 shares of the company’s stock valued at $8,773,000 after purchasing an additional 955,697 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on JOBY. HC Wainwright downgraded shares of Joby Aviation from a “buy” rating to a “neutral” rating in a report on Thursday, August 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. JPMorgan Chase & Co. increased their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the company an “underweight” rating in a research report on Friday, August 1st. Wall Street Zen lowered shares of Joby Aviation from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Finally, 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 report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.50.

Insider Transactions at Joby Aviation

In related news, CEO Joeben Bevirt sold 472,000 shares of the firm’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $9.82, for a total value of $4,635,040.00. Following the completion of the transaction, the chief executive officer owned 360,999 shares in the company, valued at $3,545,010.18. This trade represents a 56.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Allison sold 27,538 shares of Joby Aviation stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $11.97, for a total value of $329,629.86. Following the sale, the insider directly owned 660,076 shares of the company’s stock, valued at approximately $7,901,109.72. This represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,933,156 shares of company stock worth $21,528,877 over the last 90 days. Insiders own 28.50% of the company’s stock.

Joby Aviation Stock Down 0.9%

Shares of Joby Aviation stock opened at $14.7140 on Thursday. The company has a 50 day moving average price of $13.81 and a 200 day moving average price of $9.23. The firm has a market capitalization of $12.59 billion, a P/E ratio of -13.75 and a beta of 2.52. Joby Aviation, Inc. has a 52 week low of $4.70 and a 52 week high of $20.95.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The company had revenue of $0.02 million for 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%.The firm’s revenue for the quarter was down 94.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.18) EPS. As a group, research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Joby Aviation 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.