Sumitomo Mitsui Trust Group Inc. Sells 170,877 Shares of Joby Aviation, Inc. (NYSE:JOBY)

Sumitomo Mitsui Trust Group Inc. reduced its stake in Joby Aviation, Inc. (NYSE:JOBY) by 6.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,602,424 shares of the company’s stock after selling 170,877 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.36% of Joby Aviation worth $13,090,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in JOBY. Nisa Investment Advisors LLC lifted its stake in Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after purchasing an additional 5,840 shares during the last quarter. Sound Income Strategies LLC lifted its stake in Joby Aviation by 3,311.3% during the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after purchasing an additional 10,000 shares during the last quarter. Integris Wealth Management LLC bought a new stake in Joby Aviation during the second quarter worth $54,000. Dakota Wealth Management acquired a new position in shares of Joby Aviation during the second quarter worth $56,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Joby Aviation during the second quarter worth $57,000. 45.54% of the stock is currently owned by institutional investors.

Insider Transactions at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 166,666 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the transaction, the director now owns 59,828,059 shares of the company’s stock, valued at $308,114,503.85. This represents a 0.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Gregory Bowles sold 26,775 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $5.14, for a total transaction of $137,623.50. Following the completion of the transaction, the insider now directly owns 18,035 shares in the company, valued at approximately $92,699.90. The trade was a 59.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 525,499 shares of company stock valued at $2,667,151 in the last 90 days. 32.40% of the stock is currently owned by corporate insiders.

Joby Aviation Trading Down 3.0 %

Shares of Joby Aviation stock opened at $5.73 on Monday. The business has a 50-day moving average price of $5.43 and a two-hundred day moving average price of $5.34. Joby Aviation, Inc. has a 1-year low of $4.50 and a 1-year high of $7.69. The company has a market cap of $4.10 billion, a P/E ratio of -8.19 and a beta of 1.97.

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

Wall Street Analysts Forecast Growth

JOBY has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group decreased their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Finally, HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd.

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.