Sumitomo Mitsui Trust Group Inc. Has $21.19 Million Stock Position in Joby Aviation, Inc. (NYSE:JOBY)

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Joby Aviation, Inc. (NYSE:JOBY) by 0.1% in the 4th quarter, HoldingsChannel reports. The firm owned 2,605,959 shares of the company’s stock after acquiring an additional 3,535 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Joby Aviation were worth $21,186,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new position in shares of Joby Aviation during the third quarter valued at approximately $518,000. Rheos Capital Works Inc. boosted its position in shares of Joby Aviation by 17.0% during the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock valued at $19,553,000 after buying an additional 350,000 shares during the last quarter. Fred Alger Management LLC boosted its position in shares of Joby Aviation by 89.4% during the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after buying an additional 58,229 shares during the last quarter. Hamilton Lane Advisors LLC purchased a new position in shares of Joby Aviation during the fourth quarter valued at approximately $418,000. Finally, Caprock Group LLC boosted its position in shares of Joby Aviation by 179.5% during the third quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock valued at $626,000 after buying an additional 79,896 shares during the last quarter. Institutional investors and hedge funds own 52.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on JOBY shares. Needham & Company LLC lifted their price target on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. lowered Joby Aviation from a “neutral” rating to an “underweight” rating and lifted their price target for the stock from $5.00 to $6.00 in a report on Friday, January 10th. Canaccord Genuity Group lifted their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Stock Performance

Shares of JOBY opened at $7.33 on Thursday. The stock’s 50-day simple moving average is $8.35 and its 200 day simple moving average is $6.57. The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of -10.47 and a beta of 2.33. Joby Aviation, Inc. has a 52-week low of $4.50 and a 52-week high of $10.72.

Insiders Place Their Bets

In other news, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. This represents a 9.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gregory Bowles sold 7,748 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the transaction, the insider now owns 29,235 shares in the company, valued at approximately $236,218.80. The trade was a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,007,596 shares of company stock worth $8,551,819 in the last ninety days. 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.