Canaccord Genuity Group Trims Joby Aviation (NYSE:JOBY) Target Price to $10.50

Joby Aviation (NYSE:JOBY) had its price target lowered by Canaccord Genuity Group from $11.00 to $10.50 in a research report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts also recently issued reports on JOBY. Cantor Fitzgerald reiterated an overweight rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, July 22nd. JPMorgan Chase & Co. boosted their price target on shares of Joby Aviation from $5.00 to $6.00 and gave the stock a neutral rating in a research report on Wednesday, July 24th.

Joby Aviation Stock Down 3.5 %

JOBY traded down $0.18 during trading on Thursday, hitting $5.02. The company had a trading volume of 6,239,687 shares, compared to its average volume of 9,100,825. The firm’s 50-day moving average price is $5.50 and its 200 day moving average price is $5.36. The company has a market capitalization of $3.56 billion, a PE ratio of -6.61 and a beta of 2.00. Joby Aviation has a one year low of $4.50 and a one year high of $8.23.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting the consensus estimate of ($0.18). The firm had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.28 million. During the same period in the prior year, the company earned ($0.17) earnings per share. Sell-side analysts forecast that Joby Aviation will post -0.71 earnings per share for the current year.

Insider Activity

In related news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $4.86, for a total transaction of $1,215,000.00. Following the transaction, the chief executive officer now directly owns 32,724,274 shares in the company, valued at $159,039,971.64. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Matthew Field sold 13,953 shares of Joby Aviation stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $4.96, for a total transaction of $69,206.88. Following the completion of the transaction, the insider now directly owns 269,196 shares in the company, valued at approximately $1,335,212.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $4.86, for a total value of $1,215,000.00. Following the transaction, the chief executive officer now directly owns 32,724,274 shares in the company, valued at $159,039,971.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 343,395 shares of company stock valued at $1,699,082. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently added to or reduced their stakes in JOBY. Vanguard Group Inc. lifted its stake in shares of Joby Aviation by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after buying an additional 2,889,012 shares during the last quarter. 8VC GP I LLC acquired a new stake in Joby Aviation during the fourth quarter worth approximately $95,727,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Joby Aviation by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,818,603 shares of the company’s stock worth $25,394,000 after acquiring an additional 64,404 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Joby Aviation in the first quarter valued at approximately $15,357,000. Finally, Lingotto Investment Management LLP grew its position in shares of Joby Aviation by 129.8% in the fourth quarter. Lingotto Investment Management LLP now owns 2,088,980 shares of the company’s stock valued at $13,892,000 after purchasing an additional 1,180,000 shares during the last quarter. Institutional investors and hedge funds own 45.54% of the company’s stock.

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.