Joby Aviation (NYSE:JOBY) Shares Gap Up – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $6.70, but opened at $7.09. Joby Aviation shares last traded at $6.74, with a volume of 2,554,487 shares.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on JOBY shares. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a report on Thursday. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Thursday. Canaccord Genuity Group increased their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Stock Performance

The company has a market cap of $5.35 billion, a PE ratio of -9.99 and a beta of 2.33. The stock has a 50 day moving average of $8.14 and a 200-day moving average of $6.72.

Insider Buying and Selling

In other Joby Aviation news, CEO Joeben Bevirt sold 10,785 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $7.43, for a total transaction of $80,132.55. Following the sale, the chief executive officer now directly owns 793,036 shares of the company’s stock, valued at approximately $5,892,257.48. This trade represents a 1.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kate Dehoff sold 6,903 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $7.43, for a total value of $51,289.29. Following the sale, the insider now directly owns 202,276 shares in the company, valued at $1,502,910.68. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,018,699 shares of company stock worth $8,628,124 in the last 90 days. 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 JOBY. Larson Financial Group LLC grew its position in Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares during the period. Whittier Trust Co. acquired a new stake in shares of Joby Aviation during the 4th quarter valued at about $38,000. Salem Investment Counselors Inc. grew its position 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 acquiring an additional 5,000 shares during the period. Compagnie Lombard Odier SCmA acquired a new stake in shares of Joby Aviation during the 4th quarter valued at about $41,000. Finally, Toronto Dominion Bank acquired a new stake in shares of Joby Aviation during the 4th quarter valued at about $41,000. 52.85% of the stock is owned by institutional investors and hedge funds.

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.