ARK Investment Management LLC Sells 306,375 Shares of Joby Aviation, Inc. (NYSE:JOBY)

ARK Investment Management LLC cut its stake in Joby Aviation, Inc. (NYSE:JOBY - Free Report) by 10.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,772,598 shares of the company's stock after selling 306,375 shares during the quarter. ARK Investment Management LLC owned 0.39% of Joby Aviation worth $13,946,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of JOBY. Susquehanna Fundamental Investments LLC grew its holdings in shares of Joby Aviation by 1,018.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company's stock valued at $3,453,000 after acquiring an additional 616,579 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Joby Aviation by 215.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company's stock valued at $1,965,000 after acquiring an additional 270,794 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Joby Aviation by 26.7% in the second quarter. Rhumbline Advisers now owns 548,724 shares of the company's stock valued at $2,798,000 after acquiring an additional 115,483 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Joby Aviation by 9.1% in the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company's stock valued at $185,776,000 after acquiring an additional 2,889,012 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Joby Aviation by 84.3% in the first quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company's stock valued at $1,084,000 after acquiring an additional 92,508 shares in the last quarter. 45.54% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Price Performance

Shares of Joby Aviation stock traded up $0.12 during trading hours on Friday, reaching $5.22. The company had a trading volume of 14,255,064 shares, compared to its average volume of 7,089,792. Joby Aviation, Inc. has a one year low of $4.50 and a one year high of $7.69. The firm has a market cap of $3.73 billion, a PE ratio of -7.45 and a beta of 1.97. The business has a fifty day simple moving average of $5.31 and a 200 day simple moving average of $5.30.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 49.26% and a negative net margin of 42,844.57%. The business had revenue of $0.28 million during the quarter, compared to analysts' expectations of $0.06 million. During the same quarter last year, the business posted ($0.13) EPS. On average, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on JOBY. JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $6.00 to $5.00 and set a "neutral" rating for the company in a report on Tuesday, October 29th. Cantor Fitzgerald reissued an "overweight" rating and set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright reissued a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. Finally, Canaccord Genuity Group reduced their price objective on Joby Aviation from $10.50 to $9.75 and set a "buy" rating for the company in a report on Tuesday, October 29th.

Insider Activity

In related news, CEO Joeben Bevirt sold 250,000 shares of the firm's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total value of $1,212,500.00. Following the sale, the chief executive officer now directly owns 32,674,274 shares of the company's stock, valued at $158,470,228.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Paul Cahill Sciarra sold 166,666 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $5.15, for a total transaction of $858,329.90. Following the transaction, the director now directly owns 59,828,059 shares of the company's stock, valued at $308,114,503.85. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the transaction, the chief executive officer now directly owns 32,674,274 shares in the company, valued at $158,470,228.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 525,499 shares of company stock valued at $2,667,151. 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.