136,399 Shares in Joby Aviation, Inc. $JOBY Purchased by SummitTX Capital L.P.

SummitTX Capital L.P. purchased a new stake in Joby Aviation, Inc. (NYSE:JOBY) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 136,399 shares of the company’s stock, valued at approximately $1,127,000.

Other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada increased its stake in shares of Joby Aviation by 110.5% during the first quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after purchasing an additional 44,659 shares during the period. AQR Capital Management LLC bought a new stake in Joby Aviation in the 1st quarter valued at $273,000. Strs Ohio acquired a new position in Joby Aviation in the 1st quarter valued at $37,000. Cetera Investment Advisers increased its position in Joby Aviation by 16.0% during the 2nd quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock worth $676,000 after buying an additional 8,840 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Joby Aviation by 80.1% in the second quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock valued at $7,920,000 after acquiring an additional 333,995 shares during the period. Institutional investors own 52.85% of the company’s stock.

Insider Activity

In related news, insider Kate Dehoff sold 14,240 shares of the stock in a transaction on Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total transaction of $110,075.20. Following the transaction, the insider directly owned 180,179 shares of the company’s stock, valued at $1,392,783.67. This represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Also, CEO Joeben Bevirt sold 421,019 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $10.38, for a total value of $4,370,177.22. Following the completion of the sale, the chief executive officer owned 31,678,802 shares of the company’s stock, valued at approximately $328,825,964.76. This represents a 1.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,125,580 shares of company stock worth $12,172,117. Company insiders own 20.35% of the company’s stock.

Analyst Upgrades and Downgrades

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

Joby Aviation Price Performance

Shares of JOBY opened at $6.65 on Thursday. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36. The stock has a market cap of $6.54 billion, a PE ratio of -5.78 and a beta of 2.71. Joby Aviation, Inc. has a 12-month low of $6.63 and a 12-month high of $20.95. The business has a 50-day simple moving average of $9.14 and a two-hundred day simple moving average of $9.92.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million for 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 in the previous year, the firm posted ($0.11) earnings per share. Analysts anticipate that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

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.