Joby Aviation (NYSE:JOBY) Price Target Raised to $11.50 at Canaccord Genuity Group

Joby Aviation (NYSE:JOBY) had its price objective increased by Canaccord Genuity Group from $9.75 to $11.50 in a research report sent to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on JOBY. HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. 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. JPMorgan Chase & Co. cut their price objective 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. Finally, Needham & Company LLC began coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and an average target price of $8.70.

Joby Aviation Price Performance

NYSE JOBY opened at $9.52 on Wednesday. Joby Aviation has a 12 month low of $4.50 and a 12 month high of $10.72. The company has a market capitalization of $7.28 billion, a P/E ratio of -13.60 and a beta of 2.33. The company’s 50 day simple moving average is $7.46 and its 200 day simple moving average is $6.15.

Joby Aviation (NYSE:JOBY) last issued 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). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The company had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the previous year, the firm earned ($0.13) earnings per share. On average, analysts anticipate that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In other news, CEO Joeben Bevirt sold 23,886 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total value of $192,998.88. Following the transaction, the chief executive officer now directly owns 768,293 shares of the company’s stock, valued at $6,207,807.44. The trade was a 3.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kate Dehoff sold 27,898 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total value of $153,439.00. Following the sale, the insider now directly owns 199,413 shares of the company’s stock, valued at $1,096,771.50. This represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 355,160 shares of company stock valued at $3,177,342. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its stake in shares of Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after acquiring an additional 5,000 shares during the period. Empowered Funds LLC bought a new position in shares of Joby Aviation in the 3rd quarter valued at about $51,000. Sound Income Strategies LLC grew its position in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after buying an additional 10,000 shares during the period. International Assets Investment Management LLC raised its stake in shares of Joby Aviation by 403.0% during the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock worth $58,000 after buying an additional 9,188 shares during the last quarter. Finally, Choreo LLC acquired a new position in Joby Aviation in the second quarter valued at approximately $60,000. 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.