Concurrent Investment Advisors LLC Makes New Investment in Joby Aviation, Inc. $JOBY

Concurrent Investment Advisors LLC acquired a new stake in Joby Aviation, Inc. (NYSE:JOBY) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 28,831 shares of the company’s stock, valued at approximately $304,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Nuveen LLC acquired a new stake in Joby Aviation during the first quarter valued at approximately $18,936,000. Invesco Ltd. raised its holdings in shares of Joby Aviation by 16.1% in the 1st quarter. Invesco Ltd. now owns 972,517 shares of the company’s stock worth $5,855,000 after buying an additional 134,982 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of Joby Aviation by 70.4% during the 1st quarter. Intech Investment Management LLC now owns 307,135 shares of the company’s stock worth $1,849,000 after buying an additional 126,908 shares during the period. LPL Financial LLC boosted its stake in Joby Aviation by 56.1% in the 1st quarter. LPL Financial LLC now owns 253,925 shares of the company’s stock valued at $1,529,000 after buying an additional 91,278 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Joby Aviation by 16.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 502,909 shares of the company’s stock valued at $3,050,000 after buying an additional 71,695 shares in the last quarter. 52.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on JOBY shares. Morgan Stanley boosted their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, October 9th. JPMorgan Chase & Co. lifted their price target on shares of Joby Aviation from $5.00 to $7.00 and gave the company an “underweight” rating in a report on Friday, August 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research note on Wednesday, October 8th. HC Wainwright lowered shares of Joby Aviation from a “buy” rating to a “neutral” rating in a report on Thursday, August 7th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Joby Aviation has an average rating of “Reduce” and a consensus target price of $11.83.

Joby Aviation Stock Down 2.4%

Shares of NYSE:JOBY opened at $15.68 on Monday. The firm has a market cap of $13.42 billion, a P/E ratio of -14.65 and a beta of 2.52. Joby Aviation, Inc. has a 12 month low of $4.80 and a 12 month high of $20.95. The company’s 50-day moving average price is $15.62 and its two-hundred day moving average price is $11.79.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The firm had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.05 million. During the same quarter last year, the firm earned ($0.18) EPS. The company’s quarterly revenue was down 94.6% compared to the same quarter last year. As a group, equities analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, insider Bonny W. Simi sold 173,456 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the transaction, the insider owned 211,397 shares of the company’s stock, valued at $3,646,598.25. This represents a 45.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joeben Bevirt sold 253,600 shares of Joby Aviation stock in a transaction dated 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 sale, the chief executive officer owned 60,273,162 shares of the company’s stock, valued at approximately $981,849,808.98. The trade was a 0.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,830,880 shares of company stock worth $28,060,985. Corporate insiders own 28.50% of the company’s stock.

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.