Fred Alger Management LLC Increases Stake in Joby Aviation, Inc. (NYSE:JOBY)

Fred Alger Management LLC grew its position in Joby Aviation, Inc. (NYSE:JOBY) by 89.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund 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 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Larson Financial Group LLC increased its holdings in Joby Aviation by 218.3% in the 3rd 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 in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of 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 purchasing an additional 5,840 shares during the last quarter. Empowered Funds LLC bought a new position in Joby Aviation during the third quarter valued at approximately $51,000. Sound Income Strategies LLC boosted its holdings in Joby Aviation by 3,311.3% in the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Integris Wealth Management LLC bought a new stake in Joby Aviation in the 2nd quarter worth approximately $54,000. Hedge funds and other institutional investors own 45.54% of the company’s stock.

Insiders Place Their Bets

In other Joby Aviation news, insider Didier Papadopoulos sold 6,025 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the completion of the sale, the insider now directly owns 47,474 shares of the company’s stock, valued at $253,036.42. This trade represents a 11.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gregory Bowles sold 7,748 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.08, for a total transaction of $62,603.84. Following the completion of the transaction, the insider now directly owns 29,235 shares in the company, valued at $236,218.80. This trade represents a 20.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 535,526 shares of company stock worth $2,745,708. Corporate insiders own 32.40% of the company’s stock.

Joby Aviation Stock Up 11.9 %

JOBY stock opened at $8.95 on Monday. The business’s 50-day moving average price is $5.84 and its 200-day moving average price is $5.48. The stock has a market cap of $6.85 billion, a P/E ratio of -12.79 and a beta of 1.97. Joby Aviation, Inc. has a twelve month low of $4.50 and a twelve month high of $9.33.

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

Analysts Set New Price Targets

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

Joby Aviation Company 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.