Sumitomo Mitsui Trust Group Inc. Has $22.13 Million Stock Position in Joby Aviation, Inc. $JOBY

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Joby Aviation, Inc. (NYSE:JOBY) by 48.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,679,515 shares of the company’s stock after purchasing an additional 870,244 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.29% of Joby Aviation worth $22,133,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Royal Bank of Canada raised its stake in Joby Aviation by 110.5% during the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after buying an additional 44,659 shares during the period. AQR Capital Management LLC bought a new stake in shares of Joby Aviation during the first quarter valued at approximately $273,000. Strs Ohio acquired a new position in shares of Joby Aviation during the first quarter worth approximately $37,000. Cetera Investment Advisers raised its position in shares of Joby Aviation by 16.0% during the second quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock worth $676,000 after purchasing an additional 8,840 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Joby Aviation by 80.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock worth $7,920,000 after purchasing an additional 333,995 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Stock Performance

Shares of Joby Aviation stock opened at $7.49 on Tuesday. The business’s fifty day simple moving average is $9.84 and its 200 day simple moving average is $10.51. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. Joby Aviation, Inc. has a 12 month low of $7.43 and a 12 month high of $20.95. The firm has a market capitalization of $7.36 billion, a P/E ratio of -6.51 and a beta of 2.71.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on JOBY. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research note on Wednesday, May 6th. Morgan Stanley reduced their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Canaccord Genuity Group decreased their target price on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research report on Thursday, May 7th. Weiss Ratings cut shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Finally, Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Joby Aviation has an average rating of “Reduce” and an average target price of $13.64.

Insiders Place Their Bets

In other news, CFO Rodrigo Brumana sold 78,489 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $11.30, for a total value of $886,925.70. Following the completion of the transaction, the chief financial officer directly owned 81,694 shares in the company, valued at approximately $923,142.20. This represents a 49.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Cahill Sciarra sold 416,666 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $12.02, for a total value of $5,008,325.32. Following the completion of the sale, the director directly owned 55,911,391 shares of the company’s stock, valued at approximately $672,054,919.82. This represents a 0.74% decrease in their position. 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. Over the last three months, insiders sold 1,536,008 shares of company stock worth $15,951,263. 32.40% of the stock is owned by corporate insiders.

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.