Joby Aviation (NYSE:JOBY) Reaches New 1-Year High – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY) reached a new 52-week high during trading on Wednesday . The stock traded as high as $8.62 and last traded at $8.50, with a volume of 6368178 shares changing hands. The stock had previously closed at $7.90.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped 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 note on Tuesday, October 29th. Needham & Company LLC assumed coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, October 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. Finally, Canaccord Genuity Group dropped their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

The business’s 50-day moving average price is $5.77 and its two-hundred day moving average price is $5.45.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the prior year, the firm earned ($0.13) EPS. Research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Matthew Field sold 5,643 shares of Joby Aviation stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the sale, the insider now directly owns 293,143 shares in the company, valued at $1,747,132.28. The trade was a 1.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $5.14, for a total transaction of $137,623.50. Following the sale, the insider now owns 18,035 shares in the company, valued at approximately $92,699.90. This represents a 59.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 535,526 shares of company stock valued at $2,745,708 over the last 90 days. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of JOBY. Larson Financial Group LLC raised 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 purchasing an additional 5,000 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after acquiring an additional 5,840 shares in the last quarter. Empowered Funds LLC bought a new stake in Joby Aviation in the third quarter worth about $51,000. Sound Income Strategies LLC raised its position 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 acquiring an additional 10,000 shares in the last quarter. Finally, Integris Wealth Management LLC bought a new stake in Joby Aviation in the second quarter worth about $54,000. 45.54% of the stock is currently owned by institutional investors.

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.