Joby Aviation, Inc. (NYSE:JOBY) is Intel Corp's Largest Position

Intel Corp lowered its stake in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 20.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,416,315 shares of the company's stock after selling 4,789,460 shares during the period. Joby Aviation accounts for approximately 67.6% of Intel Corp's portfolio, making the stock its biggest holding. Intel Corp owned 2.41% of Joby Aviation worth $149,725,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ExodusPoint Capital Management LP purchased a new position in shares of Joby Aviation during the fourth quarter valued at approximately $4,117,000. Headlands Technologies LLC purchased a new position in shares of Joby Aviation during the 4th quarter worth $1,110,000. Geode Capital Management LLC boosted its holdings in shares of Joby Aviation by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company's stock worth $83,015,000 after purchasing an additional 817,638 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Joby Aviation by 130.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 7,060 shares of the company's stock valued at $57,000 after purchasing an additional 4,000 shares during the period. Finally, DnB Asset Management AS increased its stake in Joby Aviation by 85.1% in the fourth quarter. DnB Asset Management AS now owns 214,584 shares of the company's stock valued at $1,745,000 after purchasing an additional 98,678 shares during the last quarter. Hedge funds and other institutional investors own 52.85% of the company's stock.

Joby Aviation Stock Down 6.5 %

Joby Aviation stock opened at $5.65 on Friday. The firm has a market capitalization of $4.45 billion, a P/E ratio of -8.06 and a beta of 2.35. The firm has a fifty day moving average of $7.03 and a 200-day moving average of $6.93. Joby Aviation, Inc. has a 52-week low of $4.50 and a 52-week high of $10.72.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 7,692 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the sale, the insider now owns 50,902 shares in the company, valued at $509,020. This trade represents a 13.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bonny W. Simi sold 31,489 shares of Joby Aviation stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the completion of the sale, the insider now owns 137,097 shares of the company's stock, valued at approximately $1,142,018.01. This trade represents a 18.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,425,831 shares of company stock worth $11,119,208. Corporate insiders own 32.40% of the company's stock.

Wall Street Analysts Forecast Growth

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

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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.

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