HC Wainwright Reiterates Buy Rating for Joby Aviation (NYSE:JOBY)

Joby Aviation (NYSE:JOBY)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They presently have a $9.00 price objective on the stock. HC Wainwright’s target price would indicate a potential upside of 24.48% from the stock’s previous close.

A number of other equities research analysts have also recently commented on JOBY. JPMorgan Chase & Co. cut their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock 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 note on Monday, September 30th. Needham & Company LLC assumed coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective on the stock. Finally, Canaccord Genuity Group reduced their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Trading Down 8.9 %

Shares of NYSE:JOBY opened at $7.23 on Wednesday. The stock has a fifty day simple moving average of $6.58 and a two-hundred day simple moving average of $5.78. Joby Aviation has a 12-month low of $4.50 and a 12-month high of $9.33. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of -10.33 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last posted 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). The company had revenue of $0.28 million during the quarter, compared to analysts’ expectations 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. As a group, equities research analysts predict that Joby Aviation will post -0.69 EPS for the current year.

Insider Activity

In other Joby Aviation news, insider Matthew Field sold 5,643 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the completion of the sale, the insider now directly owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. This represents a 1.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction on Monday, December 16th. The stock was sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now owns 54,776 shares in the company, valued at $419,036.40. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 535,506 shares of company stock valued at $2,759,533 in the last ninety days. 32.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors have recently bought and sold shares of the stock. Ieq Capital LLC grew its holdings in Joby Aviation by 68.6% during the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after purchasing an additional 1,807,054 shares during the period. State Street Corp grew its stake in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after acquiring an additional 812,248 shares during the period. Geode Capital Management LLC increased its holdings in Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after acquiring an additional 670,852 shares in the last quarter. Susquehanna Fundamental Investments LLC raised its stake in 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 acquiring an additional 616,579 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after purchasing an additional 435,069 shares in the last quarter. 52.85% of the stock is 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.