8Vc Gp I LLC Invests $95.73 Million in Joby Aviation, Inc. (NYSE:JOBY)

8Vc Gp I LLC purchased a new position in Joby Aviation, Inc. (NYSE:JOBY) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,395,000 shares of the company’s stock, valued at approximately $95,727,000. Joby Aviation accounts for 98.0% of 8Vc Gp I LLC’s holdings, making the stock its biggest position. 8Vc Gp I LLC owned approximately 2.07% of Joby Aviation at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Sittner & Nelson LLC grew its stake in Joby Aviation by 100.0% in the third quarter. Sittner & Nelson LLC now owns 4,000 shares of the company’s stock worth $26,000 after purchasing an additional 2,000 shares in the last quarter. Prime Capital Investment Advisors LLC grew its stake in Joby Aviation by 18.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 20,317 shares of the company’s stock worth $135,000 after purchasing an additional 3,120 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Joby Aviation by 4.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 109,715 shares of the company’s stock worth $730,000 after purchasing an additional 4,445 shares in the last quarter. Arizona State Retirement System grew its stake in Joby Aviation by 11.7% in the third quarter. Arizona State Retirement System now owns 49,292 shares of the company’s stock worth $318,000 after purchasing an additional 5,153 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. grew its stake in Joby Aviation by 3.9% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 150,393 shares of the company’s stock worth $1,000,000 after purchasing an additional 5,704 shares in the last quarter. 45.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. raised Joby Aviation from an “underweight” rating to a “neutral” rating and set a $5.00 price objective on the stock in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Joby Aviation has a consensus rating of “Moderate Buy” and a consensus target price of $7.67.

Joby Aviation Price Performance

NYSE JOBY traded up $0.10 during midday trading on Friday, hitting $4.91. 3,236,605 shares of the company traded hands, compared to its average volume of 4,734,128. The company has a market cap of $3.48 billion, a PE ratio of -6.46 and a beta of 2.04. The company’s 50-day simple moving average is $5.03 and its 200-day simple moving average is $5.65. Joby Aviation, Inc. has a 52 week low of $4.50 and a 52 week high of $11.98.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.03. The company had revenue of $0.03 million for the quarter, compared to the consensus estimate of $0.05 million. The firm’s revenue was down 97.5% compared to the same quarter last year. During the same period last year, the business posted ($0.16) EPS. On average, research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Joby Aviation

In other news, insider Matthew Field sold 12,500 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $5.50, for a total transaction of $68,750.00. Following the completion of the sale, the insider now owns 232,506 shares in the company, valued at approximately $1,278,783. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Joeben Bevirt sold 5,497 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $5.42, for a total transaction of $29,793.74. Following the completion of the sale, the chief executive officer now owns 613,984 shares in the company, valued at approximately $3,327,793.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Matthew Field sold 12,500 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $5.50, for a total value of $68,750.00. Following the sale, the insider now owns 232,506 shares of the company’s stock, valued at approximately $1,278,783. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 562,420 shares of company stock valued at $2,871,933. 49.50% of the stock is currently owned by corporate insiders.

Joby Aviation 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.