Exchange Traded Concepts LLC Buys 411,691 Shares of Joby Aviation, Inc. (NYSE:JOBY)

Exchange Traded Concepts LLC lifted its stake in Joby Aviation, Inc. (NYSE:JOBY) by 31.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,724,888 shares of the company’s stock after purchasing an additional 411,691 shares during the period. Exchange Traded Concepts LLC’s holdings in Joby Aviation were worth $10,384,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. acquired a new stake in shares of Joby Aviation in the 4th quarter valued at about $38,000. Allworth Financial LP raised its stake in shares of Joby Aviation by 200.6% in the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock valued at $44,000 after purchasing an additional 3,320 shares during the period. Toronto Dominion Bank acquired a new stake in shares of Joby Aviation in the 4th quarter valued at about $41,000. Carolinas Wealth Consulting LLC acquired a new stake in shares of Joby Aviation in the 4th quarter valued at about $41,000. Finally, GAMMA Investing LLC raised its stake in shares of Joby Aviation by 773.9% in the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock valued at $34,000 after purchasing an additional 5,015 shares during the period. 52.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Kate Dehoff sold 9,720 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $6.00, for a total transaction of $58,320.00. Following the completion of the sale, the insider now owns 219,366 shares in the company, valued at $1,316,196. The trade was a 4.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bonny W. Simi sold 9,695 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $6.78, for a total value of $65,732.10. Following the sale, the insider now owns 146,941 shares of the company’s stock, valued at approximately $996,259.98. This represents a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 750,950 shares of company stock valued at $4,640,619 over the last 90 days. 28.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on JOBY. Morgan Stanley reissued an “equal weight” rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Cantor Fitzgerald downgraded Joby Aviation from an “overweight” rating to a “neutral” rating and set a $9.00 target price on the stock. in a research report on Thursday. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $12.00 target price on shares of Joby Aviation in a research report on Wednesday, June 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $13.00 target price (up previously from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Joby Aviation currently has an average rating of “Hold” and an average target price of $9.33.

Joby Aviation Stock Down 3.1%

Shares of NYSE JOBY opened at $8.60 on Monday. The business’s 50 day moving average price is $6.97 and its two-hundred day moving average price is $7.37. The company has a market cap of $6.81 billion, a PE ratio of -12.28 and a beta of 2.39. Joby Aviation, Inc. has a twelve month low of $4.66 and a twelve month high of $10.72.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.07. 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 prior year, the firm earned ($0.14) EPS. As a group, research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

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.