Oppenheimer Asset Management Inc. Invests $135,000 in Joby Aviation, Inc. $JOBY

Oppenheimer Asset Management Inc. purchased a new position in Joby Aviation, Inc. (NYSE:JOBY) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,785 shares of the company’s stock, valued at approximately $135,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in Joby Aviation by 773.9% in the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock worth $34,000 after purchasing an additional 5,015 shares in the last quarter. Strs Ohio purchased a new stake in shares of Joby Aviation in the first quarter worth $37,000. Ameritas Advisory Services LLC purchased a new stake in shares of Joby Aviation in the second quarter worth $39,000. Hollencrest Capital Management purchased a new stake in shares of Joby Aviation in the first quarter worth $43,000. Finally, AlphaQuest LLC raised its position in shares of Joby Aviation by 225.8% in the second quarter. AlphaQuest LLC now owns 5,444 shares of the company’s stock worth $57,000 after buying an additional 3,773 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 173,456 shares of Joby Aviation stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $17.25, for a total value of $2,992,116.00. Following the transaction, the insider directly owned 211,397 shares of the company’s stock, valued at $3,646,598.25. The trade was a 45.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joeben Bevirt sold 253,600 shares of Joby Aviation stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $16.29, for a total value of $4,131,144.00. Following the completion of the transaction, the chief executive officer directly owned 60,273,162 shares in the company, valued at $981,849,808.98. This trade represents a 0.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,830,880 shares of company stock valued at $28,060,985. 28.50% of the stock is currently owned by corporate insiders.

Joby Aviation Stock Down 6.2%

Shares of NYSE:JOBY opened at $16.27 on Tuesday. The stock has a market cap of $13.92 billion, a PE ratio of -15.20 and a beta of 2.52. The company’s fifty day moving average is $15.70 and its 200 day moving average is $12.65. Joby Aviation, Inc. has a 52 week low of $4.87 and a 52 week high of $20.95.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The company had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.05 million. The firm’s revenue for the quarter was down 94.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.18) EPS. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on JOBY shares. Canaccord Genuity Group cut Joby Aviation from a “buy” rating to a “hold” rating and raised their price target for the company from $12.00 to $17.00 in a report on Thursday, August 7th. Morgan Stanley raised their price target on Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, October 9th. JPMorgan Chase & Co. raised their target price on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Joby Aviation from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $12.00.

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.