Fred Alger Management LLC Acquires 58,229 Shares of Joby Aviation, Inc. (NYSE:JOBY)

Fred Alger Management LLC lifted its holdings in Joby Aviation, Inc. (NYSE:JOBY) by 89.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 123,368 shares of the company’s stock after buying an additional 58,229 shares during the period. Fred Alger Management LLC’s holdings in Joby Aviation were worth $621,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Flaharty Asset Management LLC increased its stake in Joby Aviation by 25.0% during the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock worth $76,000 after acquiring an additional 3,000 shares during the last quarter. Amalgamated Bank increased its position in shares of Joby Aviation by 46.2% during the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after purchasing an additional 4,391 shares during the last quarter. Larson Financial Group LLC lifted its position in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the last quarter. Cetera Advisors LLC boosted its stake in Joby Aviation by 32.9% during the first quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock worth $109,000 after buying an additional 5,025 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares during the last quarter. 45.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on JOBY shares. Needham & Company LLC started coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. dropped their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, October 2nd. Finally, Canaccord Genuity Group dropped their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Stock Performance

NYSE JOBY opened at $8.95 on Monday. The company has a market cap of $6.85 billion, a PE ratio of -12.79 and a beta of 1.97. The firm’s 50 day moving average price is $5.84 and its 200-day moving average price is $5.48. Joby Aviation, Inc. has a 52-week low of $4.50 and a 52-week high of $9.33.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period last year, the business posted ($0.13) EPS. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Gregory Bowles sold 7,748 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.08, for a total transaction of $62,603.84. Following the transaction, the insider now directly owns 29,235 shares of the company’s stock, valued at $236,218.80. This represents a 20.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the sale, the chief executive officer now directly owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 535,526 shares of company stock worth $2,745,708. 32.40% of the stock is owned by corporate 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.