342,742 Shares in Joby Aviation, Inc. (NYSE:JOBY) Acquired by Norges Bank

Norges Bank purchased a new position in shares of Joby Aviation, Inc. (NYSE:JOBY - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 342,742 shares of the company's stock, valued at approximately $2,786,000.

Several other hedge funds have also modified their holdings of JOBY. Bouvel Investment Partners LLC lifted its stake in shares of Joby Aviation by 1.4% in the 4th quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company's stock valued at $1,007,000 after purchasing an additional 1,715 shares in the last quarter. Private Advisor Group LLC lifted its position in Joby Aviation by 6.6% during the fourth quarter. Private Advisor Group LLC now owns 36,774 shares of the company's stock valued at $299,000 after buying an additional 2,261 shares in the last quarter. Larson Financial Group LLC lifted its position in Joby Aviation by 35.3% during the fourth quarter. Larson Financial Group LLC now owns 9,864 shares of the company's stock valued at $80,000 after buying an additional 2,574 shares in the last quarter. Empowered Funds LLC grew its stake in Joby Aviation by 32.7% during the fourth quarter. Empowered Funds LLC now owns 13,409 shares of the company's stock worth $109,000 after buying an additional 3,308 shares during the period. Finally, Allworth Financial LP increased its position in shares of Joby Aviation by 200.6% in the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company's stock worth $44,000 after acquiring an additional 3,320 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of analysts recently weighed in on JOBY shares. 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 issued a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Morgan Stanley reiterated an "equal weight" rating and set a $7.00 target price (down from $10.00) on shares of Joby Aviation in a report on Friday. Canaccord Genuity Group increased their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $8.58.

Insider Buying and Selling

In other Joby Aviation news, Director Paul Cahill Sciarra sold 333,334 shares of Joby Aviation stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the transaction, the director now owns 58,661,395 shares of the company's stock, valued at $470,464,387.90. The trade was a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Bonny W. Simi sold 31,489 shares of the 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 sale, the insider now directly owns 137,097 shares in the company, valued at $1,142,018.01. This trade represents a 18.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 832,073 shares of company stock worth $5,885,469. Insiders own 32.40% of the company's stock.

Joby Aviation Stock Up 2.2 %

Shares of JOBY traded up $0.13 during trading on Monday, reaching $6.06. The company's stock had a trading volume of 1,376,495 shares, compared to its average volume of 11,219,825. The company has a market cap of $4.77 billion, a price-to-earnings ratio of -8.59 and a beta of 2.35. The company has a fifty day moving average of $6.62 and a two-hundred day moving average of $6.97. Joby Aviation, Inc. has a twelve month low of $4.50 and a twelve month high of $10.72.

Joby Aviation Company 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.