Okabena Investment Services Inc. Reduces Stock Holdings in Joby Aviation, Inc. (NYSE:JOBY)

Okabena Investment Services Inc. reduced its position in Joby Aviation, Inc. (NYSE:JOBY) by 48.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 17,239 shares of the company’s stock after selling 16,500 shares during the period. Okabena Investment Services Inc.’s holdings in Joby Aviation were worth $87,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its stake in Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after buying an additional 5,840 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Joby Aviation in the third quarter valued at $51,000. Sound Income Strategies LLC grew its position in shares of Joby Aviation by 3,311.3% in the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after purchasing an additional 10,000 shares in the last quarter. Integris Wealth Management LLC bought a new stake in shares of Joby Aviation during the 2nd quarter valued at $54,000. Finally, Dakota Wealth Management purchased a new stake in Joby Aviation during the 2nd quarter worth about $56,000. 45.54% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

JOBY has been the topic of several analyst reports. HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. decreased their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. Canaccord Genuity Group lowered their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. Finally, Needham & Company LLC started coverage on Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Price Performance

Shares of JOBY opened at $7.09 on Friday. Joby Aviation, Inc. has a 1-year low of $4.50 and a 1-year high of $7.69. The company has a market capitalization of $5.42 billion, a P/E ratio of -10.13 and a beta of 1.97. The firm’s 50 day simple moving average is $5.54 and its 200 day simple moving average is $5.37.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter last year, the business posted ($0.13) EPS. On average, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other Joby Aviation news, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now directly owns 47,474 shares of the company’s stock, valued at approximately $253,036.42. This trade represents a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Gregory Bowles sold 26,775 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the completion of the sale, the insider now owns 18,035 shares of the company’s stock, valued at approximately $92,699.90. The trade was a 59.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 527,778 shares of company stock valued at $2,683,104 over the last 90 days. Insiders own 32.40% of the company’s stock.

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.