Palogic Value Management L.P. Sells 97,000 Shares of Joby Aviation, Inc. $JOBY

Palogic Value Management L.P. cut its position in shares of Joby Aviation, Inc. (NYSE:JOBY) by 69.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,500 shares of the company’s stock after selling 97,000 shares during the period. Palogic Value Management L.P.’s holdings in Joby Aviation were worth $262,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Joby Aviation in the 4th quarter valued at approximately $121,000. Deutsche Bank AG increased its holdings in Joby Aviation by 26.0% during the 4th quarter. Deutsche Bank AG now owns 350,784 shares of the company’s stock worth $2,852,000 after purchasing an additional 72,329 shares during the period. GAMMA Investing LLC increased its holdings in Joby Aviation by 5,161.0% during the 1st quarter. GAMMA Investing LLC now owns 34,091 shares of the company’s stock worth $205,000 after purchasing an additional 33,443 shares during the period. BNP Paribas Financial Markets purchased a new position in Joby Aviation during the 4th quarter worth $495,000. Finally, California State Teachers Retirement System increased its holdings in Joby Aviation by 1.1% during the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock worth $1,512,000 after purchasing an additional 2,065 shares during the period. 52.85% of the stock is owned by institutional investors.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 173,456 shares of Joby Aviation stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the completion of the sale, the insider owned 211,397 shares of the company’s stock, valued at approximately $3,646,598.25. The trade was a 45.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kate Dehoff sold 20,823 shares of Joby Aviation stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $13.67, for a total value of $284,650.41. Following the sale, the insider directly owned 202,276 shares of the company’s stock, valued at approximately $2,765,112.92. This represents a 9.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,444,313 shares of company stock worth $28,868,184 in the last quarter. 28.50% of the stock is owned by insiders.

Joby Aviation Stock Performance

Shares of JOBY opened at $14.17 on Friday. The stock has a 50-day moving average of $14.61 and a two-hundred day moving average of $9.55. Joby Aviation, Inc. has a one year low of $4.70 and a one year high of $20.95. The stock has a market cap of $12.13 billion, a P/E ratio of -13.25 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The firm had revenue of $0.02 million for the quarter, compared to analyst estimates of $0.05 million. During the same period in the prior year, the firm posted ($0.18) EPS. The business’s revenue was down 94.6% compared to the same quarter last year. Analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on JOBY shares. Cantor Fitzgerald restated a “neutral” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Monday, June 23rd. Canaccord Genuity Group downgraded Joby Aviation from a “buy” rating to a “hold” rating and lifted their price target for the company from $12.00 to $17.00 in a report on Thursday, August 7th. JPMorgan Chase & Co. raised their price objective on Joby Aviation from $5.00 to $7.00 and gave the stock an “underweight” rating in a research report on Friday, August 1st. Wall Street Zen cut Joby Aviation from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. Finally, HC Wainwright cut Joby Aviation from a “buy” rating to a “neutral” rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Joby Aviation currently has a consensus rating of “Hold” and an average price target of $10.50.

About Joby Aviation

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.