Joby Aviation (NYSE:JOBY) Shares Up 7.8% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares shot up 7.8% during trading on Tuesday . The company traded as high as $6.13 and last traded at $6.05. 7,676,399 shares traded hands during trading, an increase of 3% from the average session volume of 7,445,854 shares. The stock had previously closed at $5.61.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on JOBY. Canaccord Genuity Group decreased their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday, October 29th. JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Needham & Company LLC started coverage on shares of Joby Aviation in a report on Tuesday. They set a “buy” rating and a $8.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Stock Up 10.5 %

The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of -8.64 and a beta of 1.97. The stock has a 50 day simple moving average of $5.44 and a 200 day simple moving average of $5.34.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter in the prior year, the company earned ($0.13) EPS. As a group, analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In related news, insider Matthew Field sold 5,643 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $5.96, for a total value of $33,632.28. Following the transaction, the insider now directly owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. This trade represents a 1.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the transaction, the chief executive officer now directly owns 32,674,274 shares in the company, valued at $158,470,228.90. The trade was a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 525,499 shares of company stock valued at $2,667,151. 32.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC grew its holdings in Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after buying an additional 5,840 shares during the last quarter. Empowered Funds LLC acquired a new stake in Joby Aviation in the 3rd quarter valued at approximately $51,000. Sound Income Strategies LLC grew its holdings in Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after buying an additional 10,000 shares during the last quarter. Finally, Integris Wealth Management LLC acquired a new stake in Joby Aviation in the 2nd quarter valued at approximately $54,000. Institutional investors and hedge funds own 45.54% of the company’s stock.

Joby Aviation Company 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.