New York State Common Retirement Fund Raises Stake in Joby Aviation, Inc. $JOBY

New York State Common Retirement Fund grew its holdings in Joby Aviation, Inc. (NYSE:JOBY) by 32.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 193,856 shares of the company’s stock after buying an additional 47,705 shares during the period. New York State Common Retirement Fund’s holdings in Joby Aviation were worth $3,129,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Federated Hermes Inc. purchased a new stake in Joby Aviation during the 3rd quarter valued at approximately $2,235,000. Truist Financial Corp purchased a new stake in shares of Joby Aviation during the third quarter worth approximately $225,000. Pier 88 Investment Partners LLC acquired a new stake in shares of Joby Aviation during the third quarter worth $635,000. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Joby Aviation by 16.1% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 66,031 shares of the company’s stock worth $1,066,000 after purchasing an additional 9,161 shares during the period. Finally, Westfuller Advisors LLC purchased a new position in Joby Aviation in the 3rd quarter valued at $106,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research report on Thursday, January 22nd. HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. Zacks Research raised Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. increased their target price on Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a research note on Friday, October 31st. Finally, Canaccord Genuity Group reissued a “hold” rating and issued a $15.50 price target on shares of Joby Aviation in a report on Tuesday. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $13.21.

Insider Activity

In other Joby Aviation news, insider Kate Dehoff sold 28,260 shares of the business’s stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total transaction of $415,987.20. Following the sale, the insider directly owned 149,369 shares in the company, valued at approximately $2,198,711.68. The trade was a 15.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Didier Papadopoulos sold 11,650 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $13.51, for a total value of $157,391.50. Following the completion of the sale, the insider directly owned 120,147 shares in the company, valued at $1,623,185.97. This trade represents a 8.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 297,750 shares of company stock valued at $4,138,695 in the last 90 days. Insiders own 28.50% of the company’s stock.

Joby Aviation Trading Up 11.2%

Shares of JOBY opened at $10.52 on Friday. The firm’s 50-day moving average is $13.97 and its two-hundred day moving average is $15.14. Joby Aviation, Inc. has a twelve month low of $4.96 and a twelve month high of $20.95. The firm has a market capitalization of $9.59 billion, a P/E ratio of -7.85 and a beta of 2.57.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The firm had revenue of $22.57 million during the quarter, compared to analyst estimates of $0.02 million. Joby Aviation’s quarterly revenue was up 7962.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.21) earnings per share. Analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current 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.