Gruss & Co. LLC Takes Position in Joby Aviation, Inc. (NYSE:JOBY)

Gruss & Co. LLC acquired a new position in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 44,986 shares of the company's stock, valued at approximately $366,000. Joby Aviation accounts for about 1.6% of Gruss & Co. LLC's holdings, making the stock its 17th largest position.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its holdings in Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company's stock worth $447,412,000 after purchasing an additional 2,281,161 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company's stock valued at $47,245,000 after acquiring an additional 670,852 shares during the period. State Street Corp boosted its holdings in Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company's stock valued at $47,144,000 after acquiring an additional 812,248 shares during the period. ARK Investment Management LLC boosted its holdings in Joby Aviation by 22.2% during the fourth quarter. ARK Investment Management LLC now owns 3,388,791 shares of the company's stock valued at $27,551,000 after acquiring an additional 616,193 shares during the period. Finally, EDBI Pte Ltd boosted its holdings in Joby Aviation by 0.6% during the fourth quarter. EDBI Pte Ltd now owns 3,022,543 shares of the company's stock valued at $24,573,000 after acquiring an additional 17,994 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on JOBY. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. JPMorgan Chase & Co. reduced their target price on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research note on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Canaccord Genuity Group increased their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $8.90.

Insider Activity

In other Joby Aviation news, Director Paul Cahill Sciarra sold 333,332 shares of the firm's stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $8.00, for a total value of $2,666,656.00. Following the transaction, the director now directly owns 58,994,729 shares of the company's stock, valued at approximately $471,957,832. This trade represents a 0.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the transaction, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,018,699 shares of company stock valued at $8,628,124 over the last three months. 32.40% of the stock is owned by insiders.

Joby Aviation Trading Up 2.7 %

Shares of JOBY traded up $0.18 during mid-day trading on Wednesday, hitting $6.78. 9,252,450 shares of the company traded hands, compared to its average volume of 10,421,326. Joby Aviation, Inc. has a one year low of $4.50 and a one year high of $10.72. The business has a 50-day moving average of $8.06 and a 200 day moving average of $6.76. The stock has a market capitalization of $5.18 billion, a price-to-earnings ratio of -9.68 and a beta of 2.33.

About Joby Aviation

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.