SummitTX Capital L.P. Acquires Shares of 136,399 Joby Aviation, Inc. $JOBY

SummitTX Capital L.P. purchased a new position in shares of Joby Aviation, Inc. (NYSE:JOBY) in the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 136,399 shares of the company’s stock, valued at approximately $1,127,000.

Other large investors also recently added to or reduced their stakes in the company. Themes Management Co LLC raised its stake in Joby Aviation by 97.6% in the 1st quarter. Themes Management Co LLC now owns 25,615 shares of the company’s stock valued at $212,000 after acquiring an additional 12,655 shares during the period. Waverly Advisors LLC increased its stake in shares of Joby Aviation by 50.9% in the first quarter. Waverly Advisors LLC now owns 19,178 shares of the company’s stock worth $158,000 after purchasing an additional 6,468 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Joby Aviation in the first quarter worth about $848,000. Renaissance Technologies LLC raised its position in shares of Joby Aviation by 194.5% in the first quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock valued at $33,083,000 after purchasing an additional 2,645,200 shares during the period. Finally, Bank of Nova Scotia bought a new stake in shares of Joby Aviation in the first quarter valued at approximately $6,915,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

Insider Buying and Selling

In related news, insider Bonny W. Simi sold 7,832 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total value of $69,861.44. Following the sale, the insider owned 231,687 shares in the company, valued at approximately $2,066,648.04. This trade represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Allison sold 27,932 shares of Joby Aviation stock in a transaction on Monday, July 13th. The shares were sold at an average price of $7.53, for a total value of $210,327.96. Following the sale, the insider directly owned 710,396 shares of the company’s stock, valued at $5,349,281.88. This represents a 3.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,125,580 shares of company stock valued at $12,172,117 in the last ninety days. 20.35% of the stock is owned by insiders.

Joby Aviation Stock Performance

Joby Aviation stock opened at $6.65 on Thursday. Joby Aviation, Inc. has a 1-year low of $6.63 and a 1-year high of $20.95. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $6.54 billion, a PE ratio of -5.78 and a beta of 2.71. The firm’s 50 day simple moving average is $9.14 and its 200 day simple moving average is $9.92.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.09. The firm had revenue of $24.25 million during the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same period last year, the firm earned ($0.11) EPS. As a group, analysts expect that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on JOBY shares. Morgan Stanley cut their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Weiss Ratings raised shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 14th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research report on Wednesday, May 6th. Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Canaccord Genuity Group reduced their price target on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Reduce” and a consensus target price of $13.64.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.