DnB Asset Management AS Increases Position in Joby Aviation, Inc. (NYSE:JOBY)

DnB Asset Management AS lifted its stake in Joby Aviation, Inc. (NYSE:JOBY) by 85.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 214,584 shares of the company’s stock after acquiring an additional 98,678 shares during the period. DnB Asset Management AS’s holdings in Joby Aviation were worth $1,745,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in JOBY. Whittier Trust Co. bought a new position in Joby Aviation in the fourth quarter worth about $38,000. Salem Investment Counselors Inc. grew its position in shares of Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock worth $41,000 after buying an additional 5,000 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new position in shares of Joby Aviation during the 4th quarter worth approximately $41,000. Golden State Wealth Management LLC purchased a new stake in Joby Aviation during the fourth quarter valued at approximately $42,000. Finally, Allworth Financial LP boosted its stake in Joby Aviation by 200.6% in the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock valued at $44,000 after acquiring an additional 3,320 shares in the last quarter. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on JOBY shares. HC Wainwright reiterated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Canaccord Genuity Group raised their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Stock Performance

Shares of JOBY opened at $5.94 on Wednesday. The stock has a 50-day moving average of $7.15 and a two-hundred day moving average of $6.95. The stock has a market cap of $4.68 billion, a P/E ratio of -8.48 and a beta of 2.35. Joby Aviation, Inc. has a one year low of $4.50 and a one year high of $10.72.

Insider Transactions at Joby Aviation

In related news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the transaction, the chief executive officer now owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bonny W. Simi sold 31,489 shares of Joby Aviation stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.33, for a total transaction of $262,303.37. Following the sale, the insider now owns 137,097 shares of the company’s stock, valued at approximately $1,142,018.01. The trade was a 18.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,191,832 shares of company stock worth $9,796,214 over the last three months. 32.40% of the stock is currently owned by 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.