Ark Invest bought 323,028 shares of Joby Aviation on Tuesday (JOB) – Get a free reportone of the few companies developing a fully electric air taxi.
The purchase, valued at approximately $2 million, was made by Ark's Autonomous technology and Robotics fund. The fund's stake in Joby now amounts to 2.29 million shares, valued at $14.6 million and weighing 1.45% of the fund.
Related: Archer Aviation CEO Says Elon Musk Has Helped Boost Air Taxi Industry
Joby is not, however, Cathie Wood's only bet on an electric air taxi. The same ETF owns 7.7 million shares of Archer Aviation (CADH) – Get a free reportvalued at almost $50 million and weighted at 4.8% of the fund.
The fund is led by a large stake in Tesla (TSLA) – Get a free reportvalued at over $125 million and weighted at over 12% of the ETF.
Joby shares closed Tuesday at $6.41, down 1.5%. Although the stock is well below its June high of $11.98 per share, it is up 91% for the year.
Jim Cramer, host of CNBC's “Mad Money,” said in September that he wouldn't recommend buying Joby stock, for no other reason than that the company is “losing money hand over fist.”
“I'm going to say you should sell, sell, sell.” Cramer said.
The stock has an average analyst price target of $8 per share, according to TipRanks.
Third Quarter Earnings Results Report on November 1, Joby reported net income of $1.5 million against $128 million in operating expenses. The company reported an adjusted loss of $93 million for the quarter, a loss that Joby said reflected its high operating expenses.
The company said it had $1.1 billion in cash and short-term investments at the end of the quarter.
Still, Joby said that about 85% of its certification plans have been accepted by the Federal Aviation Administration (FAA). In September, the company completed the delivery of one aircraft (up to nine) to the US Air Force as part of its $131 million contract with the Department of Defense.
the company in September carried out successfully a display flight of one of their vehicles in New York City.
“We plan to make quiet, emission-free flights an affordable, everyday reality for New Yorkers, while significantly reducing the impact of helicopter noise,” founder and CEO JoeBen Bevirt said at the time.
Joby shares fell about 3.5% on Wednesday morning.
Related: Cathie Wood explains why Tesla boss Elon Musk is worth betting so much on
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