Joby Aviation, Inc. (NYSE:JOBY) Holdings Lifted by ARK Investment Management LLC

ARK Investment Management LLC increased its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY) by 22.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,388,791 shares of the company’s stock after buying an additional 616,193 shares during the quarter. ARK Investment Management LLC owned 0.44% of Joby Aviation worth $27,551,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Intech Investment Management LLC purchased a new position in shares of Joby Aviation during the third quarter valued at $518,000. Rheos Capital Works Inc. boosted its position in Joby Aviation by 17.0% during the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock valued at $19,553,000 after purchasing an additional 350,000 shares during the last quarter. Fred Alger Management LLC boosted its position in Joby Aviation by 89.4% during the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after purchasing an additional 58,229 shares during the last quarter. Hamilton Lane Advisors LLC acquired a new stake in Joby Aviation during the fourth quarter valued at $418,000. Finally, Entropy Technologies LP acquired a new stake in Joby Aviation during the fourth quarter valued at $300,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

Insiders Place Their Bets

In related news, Director Paul Cahill Sciarra sold 333,334 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $8.02, for a total transaction of $2,673,338.68. Following the completion of the transaction, the director now owns 58,661,395 shares of the company’s stock, valued at approximately $470,464,387.90. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bonny W. Simi sold 31,489 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.33, for a total value of $262,303.37. Following the transaction, the insider now directly owns 137,097 shares of the company’s stock, valued at $1,142,018.01. This represents a 18.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,018,699 shares of company stock valued at $8,628,124 over the last quarter. Insiders own 32.40% of the company’s stock.

Joby Aviation Price Performance

Shares of NYSE:JOBY opened at $6.50 on Wednesday. Joby Aviation, Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $10.72. The business has a 50-day moving average of $8.19 and a two-hundred day moving average of $6.71. The stock has a market capitalization of $4.97 billion, a P/E ratio of -9.28 and a beta of 2.33.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on JOBY shares. JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and lifted their price objective for the company from $5.00 to $6.00 in a research report on Friday, January 10th. HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC lifted their price objective on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Canaccord Genuity Group lifted their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Joby Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $9.30.

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.