Renaissance Technologies LLC Has $33.08 Million Holdings in Joby Aviation, Inc. $JOBY

Renaissance Technologies LLC lifted its holdings in Joby Aviation, Inc. (NYSE:JOBY) by 194.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,005,200 shares of the company’s stock after purchasing an additional 2,645,200 shares during the quarter. Renaissance Technologies LLC owned 0.41% of Joby Aviation worth $33,083,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Bank of Nova Scotia bought a new position in Joby Aviation in the first quarter valued at $6,915,000. Cetera Investment Advisers lifted its position in Joby Aviation by 20.9% during the 1st quarter. Cetera Investment Advisers now owns 343,993 shares of the company’s stock worth $2,841,000 after buying an additional 59,509 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Joby Aviation by 51.6% during the 1st quarter. First Trust Advisors LP now owns 418,321 shares of the company’s stock worth $3,455,000 after buying an additional 142,433 shares during the last quarter. Pacific Sun Financial Corp acquired a new position in shares of Joby Aviation during the 1st quarter worth about $125,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Joby Aviation by 11.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 15,304 shares of the company’s stock valued at $126,000 after acquiring an additional 1,532 shares in the last quarter. Institutional investors and hedge funds own 52.85% of the company’s stock.

Insider Buying and Selling

In other news, insider Bonny W. Simi sold 7,832 shares of Joby Aviation stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total transaction of $69,861.44. Following the completion of the transaction, the insider directly owned 231,687 shares in the company, valued at approximately $2,066,648.04. The trade was a 3.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 14,240 shares of the business’s stock in a transaction that occurred on Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total value of $110,075.20. Following the transaction, the insider directly owned 180,179 shares in the company, valued at $1,392,783.67. The trade was a 7.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 1,125,580 shares of company stock valued at $12,172,117. Insiders own 20.35% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on JOBY. Morgan Stanley lowered their target price on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. Canaccord Genuity Group decreased their price target on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note on Thursday, May 7th. Weiss Ratings raised Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Joby Aviation in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $13.64.

Joby Aviation Trading Down 1.2%

Shares of NYSE:JOBY opened at $7.28 on Wednesday. Joby Aviation, Inc. has a 52-week low of $6.89 and a 52-week high of $20.95. The company has a market capitalization of $7.16 billion, a P/E ratio of -6.33 and a beta of 2.71. The company has a 50-day simple moving average of $9.20 and a 200 day simple moving average of $9.98. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.09. The business had revenue of $24.25 million during the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same quarter last year, the company posted ($0.11) earnings per share. Sell-side analysts forecast that Joby Aviation, Inc. will post -0.83 earnings per share for the current year.

Joby Aviation Company 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.