Fifth Third Bancorp Raises Stock Position in Joby Aviation, Inc. $JOBY

Fifth Third Bancorp grew its stake in Joby Aviation, Inc. (NYSE:JOBY) by 22,166.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 444,875 shares of the company’s stock after buying an additional 442,877 shares during the period. Fifth Third Bancorp’s holdings in Joby Aviation were worth $3,675,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Joby Aviation by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after acquiring an additional 2,540,382 shares in the last quarter. Man Group plc purchased a new stake in shares of Joby Aviation in the 3rd quarter valued at about $40,283,000. Norges Bank acquired a new stake in shares of Joby Aviation in the 4th quarter valued at about $32,269,000. Price T Rowe Associates Inc. MD boosted its position in shares of Joby Aviation by 80.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company’s stock valued at $44,672,000 after purchasing an additional 1,512,094 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in Joby Aviation during the 4th quarter worth approximately $17,952,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

JOBY has been the subject of a number of research reports. Canaccord Genuity Group reduced their price objective on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note on Thursday, May 7th. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Morgan Stanley decreased their price target on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Finally, Weiss Ratings upgraded shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $13.64.

Joby Aviation Trading Up 0.6%

Shares of JOBY stock opened at $7.27 on Monday. The company has a market capitalization of $7.15 billion, a P/E ratio of -6.32 and a beta of 2.71. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. The business’s 50 day moving average is $9.64 and its two-hundred day moving average is $10.33. Joby Aviation, Inc. has a twelve month low of $6.89 and a twelve month high of $20.95.

Joby Aviation (NYSE:JOBY) last released its earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million during the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same quarter last year, the business earned ($0.11) EPS. Equities analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 27,932 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $7.53, for a total transaction of $210,327.96. Following the transaction, the insider owned 710,396 shares in the company, valued at approximately $5,349,281.88. The trade was a 3.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joeben Bevirt sold 15,788 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total value of $140,828.96. Following the transaction, the chief executive officer directly owned 239,671 shares of the company’s stock, valued at approximately $2,137,865.32. This trade represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,125,580 shares of company stock valued at $12,172,117 over the last 90 days. Insiders own 28.50% of the company’s stock.

Joby Aviation Company 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.