Sumitomo Mitsui Trust Group Inc. Increases Stock Position in Joby Aviation, Inc. $JOBY

Sumitomo Mitsui Trust Group Inc. increased its holdings in Joby Aviation, Inc. (NYSE:JOBY) by 48.1% during the 1st quarter, Holdings Channel reports. The firm owned 2,679,515 shares of the company’s stock after buying an additional 870,244 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Joby Aviation were worth $22,133,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada lifted its holdings in Joby Aviation by 110.5% in the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after buying an additional 44,659 shares during the period. AQR Capital Management LLC purchased a new position in shares of Joby Aviation during the first quarter valued at approximately $273,000. Strs Ohio bought a new position in shares of Joby Aviation during the first quarter valued at approximately $37,000. Cetera Investment Advisers raised its holdings in shares of Joby Aviation by 16.0% during the second quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock valued at $676,000 after acquiring an additional 8,840 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Joby Aviation by 80.1% in the second quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock worth $7,920,000 after acquiring an additional 333,995 shares during the period. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Price Performance

JOBY stock opened at $7.49 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The firm has a 50 day moving average price of $9.84 and a 200-day moving average price of $10.51. Joby Aviation, Inc. has a 52-week low of $7.43 and a 52-week high of $20.95. The firm has a market capitalization of $7.36 billion, a price-to-earnings ratio of -6.51 and a beta of 2.71.

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

Insider Transactions at Joby Aviation

In related news, insider Kate Dehoff sold 9,575 shares of Joby Aviation stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total value of $85,409.00. Following the completion of the sale, the insider owned 186,735 shares of the company’s stock, valued at $1,665,676.20. The trade was a 4.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gregory Bowles sold 4,724 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $9.10, for a total transaction of $42,988.40. Following the sale, the insider owned 188,936 shares of the company’s stock, valued at $1,719,317.60. This trade represents a 2.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 1,536,008 shares of company stock valued at $15,951,263. Company insiders own 32.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on JOBY. Weiss Ratings lowered shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Canaccord Genuity Group cut their target price on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and set 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, Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $13.64.

Joby Aviation 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.