Moore Capital Management LP Decreases Stock Position in Joby Aviation, Inc. $JOBY

Moore Capital Management LP cut its position in Joby Aviation, Inc. (NYSE:JOBY) by 50.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,000 shares of the company’s stock after selling 75,000 shares during the quarter. Moore Capital Management LP’s holdings in Joby Aviation were worth $669,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Lingotto Investment Management LLP raised its stake in Joby Aviation by 34.2% in the 4th quarter. Lingotto Investment Management LLP now owns 3,138,240 shares of the company’s stock valued at $41,425,000 after acquiring an additional 799,260 shares during the period. Russell Investments Group Ltd. boosted its position in Joby Aviation by 30.6% during the second quarter. Russell Investments Group Ltd. now owns 352,874 shares of the company’s stock worth $3,148,000 after purchasing an additional 82,737 shares during the period. DNB Asset Management AS increased its stake in shares of Joby Aviation by 16.3% in the fourth quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock worth $4,835,000 after purchasing an additional 51,344 shares in the last quarter. Norges Bank purchased a new position in shares of Joby Aviation in the fourth quarter worth about $32,269,000. Finally, SummitTX Capital L.P. purchased a new stake in shares of Joby Aviation during the 1st quarter valued at approximately $1,127,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Canaccord Genuity Group cut their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. HC Wainwright reissued a “buy” rating on shares of Joby Aviation in a report on Thursday, August 6th. Weiss Ratings upgraded Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Morgan Stanley cut their price target on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Finally, Barclays upgraded Joby Aviation to a “hold” rating in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Joby Aviation currently has an average rating of “Reduce” and an average price target of $13.81.

Joby Aviation Trading Down 2.2%

Shares of Joby Aviation stock opened at $6.69 on Wednesday. The company’s 50-day moving average price is $7.82 and its 200-day moving average price is $9.04. The company has a current ratio of 17.98, a quick ratio of 17.98 and a debt-to-equity ratio of 0.40. Joby Aviation, Inc. has a 12-month low of $6.61 and a 12-month high of $19.98. The company has a market cap of $6.62 billion, a price-to-earnings ratio of -6.76 and a beta of 2.69.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The firm had revenue of $38.64 million for the quarter, compared to analysts’ expectations of $30.20 million. Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 55.29%. Joby Aviation’s revenue was up 257493.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.41) EPS. On average, equities analysts expect that Joby Aviation, Inc. will post -1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, insider Gregory Bowles sold 4,575 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $7.23, for a total value of $33,077.25. Following the completion of the transaction, the insider directly owned 191,986 shares of the company’s stock, valued at $1,388,058.78. This trade represents a 2.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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. Also, insider Eric Allison sold 27,932 shares of the business’s stock in a transaction on Monday, July 13th. The shares were sold at an average price of $7.53, for a total transaction of $210,327.96. Following the transaction, the insider owned 710,396 shares of the company’s stock, valued at $5,349,281.88. This trade represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 275,569 shares of company stock worth $2,511,445. Company insiders own 20.35% of the company’s stock.

About Joby Aviation

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.