Fred Alger Management LLC Purchases 58,229 Shares of Joby Aviation, Inc. (NYSE:JOBY)

Fred Alger Management LLC boosted its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 89.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 123,368 shares of the company's stock after purchasing an additional 58,229 shares during the period. Fred Alger Management LLC's holdings in Joby Aviation were worth $621,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its position in Joby Aviation by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 193,322 shares of the company's stock valued at $1,037,000 after acquiring an additional 10,234 shares in the last quarter. Cetera Advisors LLC raised its position in Joby Aviation by 32.9% in the 1st quarter. Cetera Advisors LLC now owns 20,276 shares of the company's stock worth $109,000 after purchasing an additional 5,025 shares during the last quarter. DNB Asset Management AS lifted its holdings in Joby Aviation by 21.1% during the 2nd quarter. DNB Asset Management AS now owns 88,906 shares of the company's stock worth $453,000 after buying an additional 15,504 shares in the last quarter. SG Americas Securities LLC boosted its position in Joby Aviation by 346.4% in the 2nd quarter. SG Americas Securities LLC now owns 336,062 shares of the company's stock valued at $1,714,000 after buying an additional 260,780 shares during the last quarter. Finally, Integris Wealth Management LLC acquired a new stake in shares of Joby Aviation in the 2nd quarter valued at $54,000. Institutional investors own 45.54% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC started coverage on Joby Aviation in a research note on Tuesday, November 19th. They set a "buy" rating and a $8.00 price target on the stock. HC Wainwright restated a "buy" rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. Canaccord Genuity Group lowered their price target on shares of Joby Aviation from $10.50 to $9.75 and set a "buy" rating for the company in a research report on Tuesday, October 29th. Cantor Fitzgerald reissued an "overweight" rating and set a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $8.35.

Joby Aviation Stock Down 8.9 %

NYSE JOBY traded down $0.80 during trading on Monday, reaching $8.15. 16,609,605 shares of the stock traded hands, compared to its average volume of 8,076,894. Joby Aviation, Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $9.33. The firm has a market cap of $6.24 billion, a price-to-earnings ratio of -11.89 and a beta of 1.97. The stock's 50-day moving average price is $5.84 and its 200 day moving average price is $5.48.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period last year, the firm earned ($0.13) EPS. Analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Gregory Bowles sold 7,748 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the transaction, the insider now directly owns 29,235 shares in the company, valued at approximately $236,218.80. The trade was a 20.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kate Dehoff sold 27,898 shares of the firm's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the sale, the insider now owns 199,413 shares in the company, valued at $1,096,771.50. This trade represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 535,526 shares of company stock valued at $2,745,708. Company insiders own 32.40% of the company's stock.

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.