DnB Asset Management AS, a Norwegian asset management company, recently announced that it has increased its holdings in Joby Aviation, Inc. During the second quarter of this year, DnB Asset Management AS acquired an additional 50,460 shares of Joby Aviation’s stock, resulting in a 104.4% increase in its stake. As of the end of the second quarter, DnB Asset Management AS owned 98,803 shares of Joby Aviation with a total value of $1,014,000.
These recent developments shed light on the growing interest and confidence in Joby Aviation’s potential within the market. However, the company’s latest earnings results have raised concerns among analysts. On August 2nd, Joby Aviation reported an earnings per share (EPS) of ($0.17) for the quarter. This figure fell short of analysts’ consensus estimates by ($0.03), as they anticipated an EPS of ($0.14). Based on these figures and projections from equities analysts, it is expected that Joby Aviation will post an EPS of -0.66 for the current year.
Various equities research analysts have weighed in on Joby Aviation’s performance and potential in recent reports. Cantor Fitzgerald increased their target price for the stock from $9.00 to $10.00 following their analysis. Similarly, Canaccord Genuity Group initiated coverage on Joby Aviation and provided a “buy” rating along with a $8.00 price target. SpectralCast also maintained a positive outlook on the company and reiterated their strong rating.
However, JPMorgan Chase & Co.’s report painted a more cautious picture by downgrading Joby Aviation from a “neutral” to an “underweight” rating and adjusting their price target from $5.00 to $6.00.Conversely 888 reconfirmed its positive outlook on shares of Joby Aviation. Overall, with two sell ratings, one hold rating, and two buy ratings, the stock has been rated as “Hold” according to Bloomberg.com’s data. The average price target for Joby Aviation is estimated at $7.08.
In conclusion, DnB Asset Management AS’s significant increase in its stake in Joby Aviation reflects growing confidence in the company’s future prospects. Despite its recent earnings shortfall, various analysts remain positive about the stock, while others adopt a more cautious stance. Investors will be closely monitoring Joby Aviation moving forward to assess its potential and performance within the aviation industry.
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Mixed Fortunes for Joby Aviation: Institutional Investors Show Interest, Insiders Sell Shares
Joby Aviation, Inc., a leading aerial ridesharing and transportation company, has been attracting the attention of institutional investors and hedge funds in recent months. As of the first quarter of this year, FMR LLC raised its position in Joby Aviation by an astounding 60.7%, bringing its total holdings to 6,065 shares worth $26,000. Similarly, CWM LLC increased its position in the company by 78.4%, now owning 8,301 shares valued at $36,000.
Notably, Toroso Investments LLC acquired a new stake in Joby Aviation during the fourth quarter of last year at a value of $36,000. Pinnacle Wealth Planning Services Inc. and Cahaba Wealth Management Inc. also jumped on board during the first quarter with new stakes worth $39,000 and $43,000 respectively. Currently, these institutional investors and hedge funds collectively own around 36.28% of the stock.
In other news concerning Joby Aviation, insiders have been actively selling shares in recent transactions. For instance, insider Didier Papadopoulos sold 5,968 shares on September 15th for a total value of $40,104.96 at an average price of $6.72 per share.
In addition to Papadopoulos’ sale, insider Eric Allison sold 21,101 shares on July 13th for $225,780.70 at an average price of $10.70 per share.
Overall, insiders have been offloading their Joby Aviation shares lately with over 1.3 million shares being sold within the past three months alone amounting to approximately $14 million worth of stock sales. Currently corporate insiders own roughly 49.50% of the stock.
As for Joby Aviation’s performance in the stock market today (September 20), it opened at $6.77 per share on the New York Stock Exchange (NYSE). The company’s 50-day moving average stands at $7.86 while its two-hundred day moving average is $6.31.
With a market capitalization of $4.70 billion, Joby Aviation has experienced significant volatility in its stock price, ranging from a low of $3.15 to a high of $11.98 over the past year. The company currently holds a price-to-earnings (P/E) ratio of -7.61 and a beta rating of 2.11.
Investors and industry analysts will undoubtedly be keeping a close eye on Joby Aviation as it continues to evolve and grow within the ever-expanding aerial transportation market. September 20, 2023 marks another milestone for the company as it navigates through changing investor sentiments and persistent market challenges.
