Joby Aviation (NYSE:JOBY) Shares Up 8.4% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares rose 8.4% on Wednesday . The stock traded as high as $8.45 and last traded at $8.26. Approximately 16,261,105 shares were traded during mid-day trading, an increase of 83% from the average daily volume of 8,893,408 shares. The stock had previously closed at $7.62.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Canaccord Genuity Group lowered their price target 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. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price for the company. JPMorgan Chase & Co. reduced their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Joby Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

The stock has a market cap of $6.32 billion, a PE ratio of -11.80 and a beta of 2.32. The stock has a fifty day simple moving average of $6.72 and a two-hundred day simple moving average of $5.85.

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

Insider Activity

In other news, insider Matthew Field sold 5,643 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the completion of the sale, the insider now 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the transaction, the chief executive officer now owns 32,674,274 shares in the company, valued at $158,470,228.90. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 508,731 shares of company stock worth $2,621,909 over the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently modified their holdings of the stock. Flaharty Asset Management LLC raised its stake in 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 buying an additional 3,000 shares in the last quarter. Tidal Investments LLC lifted its stake in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after purchasing an additional 3,522 shares during the last quarter. Kensington Investment Counsel LLC increased its stake in Joby Aviation by 12.0% during 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. Amalgamated Bank raised its holdings in shares of Joby Aviation by 46.2% during the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after purchasing an additional 4,391 shares during the period. Finally, Larson Financial Group LLC lifted its position in shares of Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 52.85% 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.