Joby Aviation (NYSE:JOBY) Trading 0.6% Higher – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price was up 0.6% during trading on Thursday . The stock traded as high as $8.59 and last traded at $8.15. Approximately 5,282,139 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 17,526,049 shares. The stock had previously closed at $8.10.

Analyst Ratings Changes

A number of brokerages have recently commented on JOBY. JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and upped their price target for the company from $5.00 to $6.00 in a research report on Friday, January 10th. Needham & Company LLC boosted their target price on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. 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. Finally, Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Stock Performance

The stock’s 50 day moving average price is $7.81 and its 200-day moving average price is $6.27. The company has a market cap of $6.52 billion, a PE ratio of -12.16 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.28 million for the quarter, compared to analysts’ expectations 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 previous year, the company earned ($0.13) earnings per share. On average, analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In related news, insider Gregory Bowles sold 7,748 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.08, for a total transaction of $62,603.84. Following the transaction, the insider now owns 29,235 shares in the company, valued at $236,218.80. The trade was a 20.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul Cahill Sciarra sold 333,332 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.00, for a total value of $2,666,656.00. Following the completion of the sale, the director now owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 638,982 shares of company stock worth $5,586,157 in the last ninety days. 32.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in JOBY. Larson Financial Group LLC boosted its holdings in Joby Aviation by 218.3% in 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 in the last quarter. Salem Investment Counselors Inc. boosted its stake in shares of Joby Aviation by 5,000.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after purchasing an additional 5,000 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Joby Aviation during the third quarter valued at about $51,000. Sound Income Strategies LLC raised its stake in Joby Aviation by 3,311.3% in the third 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 in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Joby Aviation by 403.0% in 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 period. Institutional investors 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.