Joby Aviation (NYSE:JOBY) Trading 3.1% Higher – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price shot up 3.1% during mid-day trading on Friday . The stock traded as high as $7.29 and last traded at $7.01. 9,583,964 shares changed hands during trading, an increase of 25% from the average session volume of 7,660,761 shares. The stock had previously closed at $6.80.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Canaccord Genuity Group cut their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Needham & Company LLC began coverage on Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target for the company. JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, October 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Joby Aviation currently has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Trading Up 4.3 %

The firm has a market capitalization of $5.42 billion, a PE ratio of -10.13 and a beta of 1.97. The firm has a 50-day moving average of $5.54 and a two-hundred day moving average of $5.37.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The firm had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter last year, the business earned ($0.13) earnings per share. Equities research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 26,775 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $5.14, for a total value of $137,623.50. Following the completion of the sale, the insider now owns 18,035 shares of the company’s stock, valued at $92,699.90. This trade represents a 59.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Didier Papadopoulos sold 6,025 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now directly owns 47,474 shares in the company, valued at approximately $253,036.42. The trade was a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 527,778 shares of company stock valued at $2,683,104 over the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Flaharty Asset Management LLC grew its stake in shares of Joby Aviation by 25.0% during the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock valued at $76,000 after acquiring an additional 3,000 shares in the last quarter. Kensington Investment Counsel LLC boosted its holdings in Joby Aviation by 12.0% in the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after purchasing an additional 3,653 shares during the last quarter. ProShare Advisors LLC increased its holdings in Joby Aviation by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after purchasing an additional 3,942 shares during the last quarter. Amalgamated Bank raised its position in shares of Joby Aviation by 46.2% in the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after purchasing an additional 4,391 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of Joby Aviation by 218.3% during 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. Hedge funds and other institutional investors 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.