Joby Aviation (NYSE:JOBY) Trading 7.8% Higher – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares rose 7.8% during trading on Tuesday . The company traded as high as $6.13 and last traded at $6.05. Approximately 7,676,399 shares changed hands during mid-day trading, an increase of 3% from the average daily volume of 7,445,854 shares. The stock had previously closed at $5.61.

Analysts Set New Price Targets

JOBY has been the topic of several research reports. Needham & Company LLC assumed coverage on Joby Aviation in a research report on Tuesday. They issued a “buy” rating and a $8.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, October 2nd. Canaccord Genuity Group decreased their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. reduced their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Joby Aviation has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Trading Down 2.0 %

The firm has a market cap of $4.75 billion, a price-to-earnings ratio of -8.86 and a beta of 1.97. The company’s 50-day moving average is $5.48 and its 200-day moving average is $5.35.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) 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 business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same period last year, the firm posted ($0.13) EPS. Equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In other Joby Aviation news, insider Didier Papadopoulos sold 6,025 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the completion of the transaction, the insider now owns 47,474 shares in the company, valued at approximately $253,036.42. This trade represents a 11.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kate Dehoff sold 27,898 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the completion of the transaction, the insider now owns 199,413 shares in the company, valued at $1,096,771.50. This trade represents a 12.27 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 525,499 shares of company stock valued at $2,667,151. 32.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC boosted its holdings in shares of Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after buying an additional 616,579 shares in the last quarter. Rhumbline Advisers grew its holdings in Joby Aviation by 26.7% in the second quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock worth $2,798,000 after purchasing an additional 115,483 shares during the period. Vanguard Group Inc. grew its holdings in Joby Aviation by 9.1% in the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after purchasing an additional 2,889,012 shares during the period. ProShare Advisors LLC raised its holdings in shares of Joby Aviation by 8.5% during the first quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock valued at $269,000 after purchasing an additional 3,942 shares during the period. Finally, Cetera Advisors LLC boosted its position in shares of Joby Aviation by 32.9% during the 1st quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock worth $109,000 after purchasing an additional 5,025 shares in the last quarter. 45.54% of the stock is currently owned by 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.