Joby Aviation (NYSE:JOBY) Stock Price Up 6.9% – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded up 6.9% on Wednesday . The stock traded as high as $8.41 and last traded at $8.39. 6,180,594 shares were traded during trading, a decline of 25% from the average session volume of 8,218,862 shares. The stock had previously closed at $7.85.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, October 2nd. Canaccord Genuity Group reduced their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. JPMorgan Chase & Co. lowered their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Finally, Needham & Company LLC started coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Joby Aviation currently has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Price Performance

The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of -11.99 and a beta of 2.32. The stock has a 50 day simple moving average of $5.96 and a two-hundred day simple moving average of $5.53.

Joby Aviation (NYSE:JOBY) last issued 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). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The company had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same quarter last year, the firm earned ($0.13) EPS. Equities research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 7,748 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the transaction, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This trade represents a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kate Dehoff sold 27,898 shares of the firm’s stock in a transaction dated 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 directly owns 199,413 shares in the company, valued at $1,096,771.50. This represents a 12.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 535,526 shares of company stock valued at $2,745,708. 32.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC increased 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 acquiring an additional 5,000 shares during the period. Nisa Investment Advisors LLC grew 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 buying an additional 5,840 shares during the last quarter. Empowered Funds LLC acquired a new position in Joby Aviation in the third quarter worth approximately $51,000. Sound Income Strategies LLC grew 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 buying an additional 10,000 shares during the last quarter. Finally, Integris Wealth Management LLC acquired a new position in Joby Aviation in the second quarter worth approximately $54,000. Institutional investors and hedge funds own 45.54% 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.