Joby Aviation (NYSE:JOBY) Shares Up 0.2% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s stock price shot up 0.2% during trading on Thursday . The stock traded as high as $6.60 and last traded at $6.59. 2,739,069 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 10,682,610 shares. The stock had previously closed at $6.57.

Wall Street Analyst Weigh In

JOBY has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Canaccord Genuity Group lifted their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. cut their target price on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Trading Down 2.4 %

The company’s fifty day moving average is $7.33 and its two-hundred day moving average is $6.91. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of -9.16 and a beta of 2.35.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 31,489 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the sale, the insider now owns 137,097 shares in the company, valued at $1,142,018.01. This represents a 18.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul Cahill Sciarra sold 333,334 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the sale, the director now directly owns 58,661,395 shares in the company, valued at $470,464,387.90. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,191,832 shares of company stock worth $9,796,214. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

Large investors have recently made changes to their positions in the company. California State Teachers Retirement System grew its holdings in Joby Aviation by 1.1% during the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock worth $1,512,000 after acquiring an additional 2,065 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Joby Aviation during the fourth quarter worth $121,000. Total Wealth Planning & Management Inc. purchased a new position in Joby Aviation in the fourth quarter valued at $285,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Joby Aviation in the fourth quarter valued at $2,492,000. Finally, Carolinas Wealth Consulting LLC purchased a new stake in Joby Aviation during the 4th quarter worth about $41,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.