Joby Aviation, Inc. $JOBY Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its stake in Joby Aviation, Inc. (NYSE:JOBY) by 26.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,169 shares of the company’s stock after purchasing an additional 8,741 shares during the period. Envestnet Asset Management Inc.’s holdings in Joby Aviation were worth $445,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in JOBY. Nuveen LLC purchased a new stake in Joby Aviation during the first quarter worth $18,936,000. Rheos Capital Works Inc. raised its position in shares of Joby Aviation by 58.2% in the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock worth $76,013,000 after acquiring an additional 2,650,000 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of Joby Aviation by 78,353.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 266,743 shares of the company’s stock worth $2,814,000 after acquiring an additional 266,403 shares in the last quarter. Cookson Peirce & Co. Inc. purchased a new stake in shares of Joby Aviation during the 2nd quarter worth about $1,587,000. Finally, Invesco Ltd. grew its position in shares of Joby Aviation by 16.1% during the 1st quarter. Invesco Ltd. now owns 972,517 shares of the company’s stock valued at $5,855,000 after acquiring an additional 134,982 shares during the period. 52.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on JOBY shares. HC Wainwright reaffirmed a “neutral” rating on shares of Joby Aviation in a report on Monday. Canaccord Genuity Group downgraded Joby Aviation from a “buy” rating to a “hold” rating and upped their target price for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. JPMorgan Chase & Co. lifted their price target on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. Morgan Stanley boosted their price target on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. Finally, Wall Street Zen downgraded shares of Joby Aviation from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $14.00.

Joby Aviation Stock Performance

Shares of JOBY opened at $13.95 on Wednesday. The stock has a 50 day moving average price of $15.92 and a 200 day moving average price of $13.57. Joby Aviation, Inc. has a one year low of $4.96 and a one year high of $20.95. The stock has a market capitalization of $12.72 billion, a price-to-earnings ratio of -10.41 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Thursday, November 6th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The business had revenue of $22.57 million for the quarter, compared to the consensus estimate of $0.02 million. The firm’s revenue was up 7962.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.21) earnings per share. On average, analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other news, insider Gregory Bowles sold 3,931 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $13.72, for a total value of $53,933.32. Following the completion of the sale, the insider directly owned 159,085 shares in the company, valued at $2,182,646.20. This represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joeben Bevirt sold 32,284 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $16.78, for a total value of $541,725.52. Following the completion of the sale, the chief executive officer directly owned 249,587 shares of the company’s stock, valued at approximately $4,188,069.86. This represents a 11.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,154,802 shares of company stock worth $17,844,775 in the last 90 days. 32.40% of the stock is owned by insiders.

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.