The future of transportation is electric, but that doesn’t only apply to the ground. Companies are working hard to help electrify air travel. At the front of this charge is Joby Aviation (NYSE:JOBY), a pioneer in the electric vertical take-off and landing vehicle (eVTOL) space. However, JOBY stock has been struggling to take off lately.
Despite the stock’s struggles, the company has still made significant progress this year. Shares have surged more than 105% year-to-date (YTD) as of this writing. Despite some recent declines, they still trade well above the penny stock line, hovering above $7 per share. The company recently gave investors an exciting update when it debuted a prototype of the five-seater eVTOL that it intends to use to fly customers around the country. That isn’t the only reason to bet on JOBY stock, though. As InvestorPlace contributor Faisal Humayun reports:
“It’s worth noting that Joby already has potential contracts worth $131 million from the U.S. Department of Defense. This underscores the company’s technological credibility. From a financial perspective, Joby ended Q1 2023 with cash and equivalents of $978 million. With an additional infusion of $180 million in May, the company has robust financial flexibility through commercialization.”
Humayun notes that he expects to see the current rally for eVTOL stocks continue as demand for this technology increases. The air taxi market certainly has a high potential for growth. It is expected to reach over $3 billion by 2028, expanding at a compound annual growth rate (CAGR) of more than 21%. That’s likely part of the reason that institutional investors are also embracing JOBY stock even as it remains grounded.
Who’s Betting Big on JOBY Stock?
According to data from Whale Wisdom, institutional sentiment towards Joby Aviation is quite positive. The number of funds holding JOBY stock has increased since the last quarter, as has the number of 13F shares. Percentage ownership has jumped almost 30%, and the number of new positions in JOBY stock has skyrocketed by an impressive 94%. The number of increased positions is up as well, while both closed and reduced positions have fallen. Additionally, Joby’s put/call ratio is falling, indicating that bearish sentiment toward the stock is subsiding.
Who are the top investors with long positions in JOBY stock? Let’s take a closer look at the company’s biggest shareholders.
- JoeBen Bevirt: 98,781,145 shares. Joby’s CEO is still its top shareholder. He acquired his entire stake in the company this year.
- Toyota Motor Corporation (NYSE:TM): 78,752,611 shares. This automotive industry leader also purchased all its Joby holdings in 2023.
- Paul Cahill Sciarra: 60,191,668 shares. The company’s executive chairman is its third largest shareholder, with a stake he also acquired this year.
- Baillie Gifford & Co: 51,872,715 shares: This asset manager added 44,186,571 shares of JOBY stock to its portfolio in Q2.
- Capricorn Investment Group: This investment firm has made no changes to its Joby holdings during the previous quarter.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
