Summit Investment Advisors Inc. Buys 5,836 Shares of Joby Aviation, Inc. (NYSE:JOBY)

Summit Investment Advisors Inc. raised its stake in shares of Joby Aviation, Inc. (NYSE:JOBY) by 14.8% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 45,211 shares of the company’s stock after purchasing an additional 5,836 shares during the period. Summit Investment Advisors Inc.’s holdings in Joby Aviation were worth $368,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of JOBY. Vanguard Group Inc. grew its stake in shares of Joby Aviation by 15.8% during the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after acquiring an additional 6,388,232 shares during the period. Baillie Gifford & Co. boosted its position in shares of Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after purchasing an additional 2,281,161 shares during the period. Geode Capital Management LLC increased its stake in shares of Joby Aviation by 8.7% in 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 in the last quarter. ARK Investment Management LLC raised its position in shares of Joby Aviation by 22.2% during the 4th quarter. ARK Investment Management LLC now owns 3,388,791 shares of the company’s stock valued at $27,551,000 after purchasing an additional 616,193 shares during the period. Finally, ExodusPoint Capital Management LP purchased a new position in shares of Joby Aviation during the 4th quarter valued at $4,117,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

Joby Aviation Price Performance

NYSE:JOBY opened at $5.86 on Friday. The firm has a market capitalization of $4.62 billion, a price-to-earnings ratio of -8.38 and a beta of 2.35. The business has a 50 day simple moving average of $6.43 and a 200-day simple moving average of $6.98. Joby Aviation, Inc. has a 1 year low of $4.50 and a 1 year high of $10.72.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on JOBY. Canaccord Genuity Group increased their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. JPMorgan Chase & Co. decreased their price target on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.58.

Insider Buying and Selling

In related news, insider Bonny W. Simi sold 9,695 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $65,732.10. Following the sale, the insider now directly owns 146,941 shares of the company’s stock, valued at $996,259.98. This represents a 6.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Eric Allison sold 24,395 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $6.04, for a total value of $147,345.80. Following the transaction, the insider now owns 627,726 shares of the company’s stock, valued at $3,791,465.04. This trade represents a 3.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 823,112 shares of company stock worth $5,754,922 over the last three months. 32.40% of the stock is owned by insiders.

About Joby Aviation

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.