Joby Aviation (NYSE:JOBY) Shares Up 8.7% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price shot up 8.7% during mid-day trading on Friday . The company traded as high as $7.92 and last traded at $7.86. 8,502,524 shares were traded during trading, a decline of 3% from the average session volume of 8,766,424 shares. The stock had previously closed at $7.23.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on JOBY. JPMorgan Chase & Co. lowered their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. Needham & Company LLC began coverage on Joby Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. Canaccord Genuity Group lowered their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Finally, HC Wainwright reiterated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Price Performance

The company has a market cap of $5.88 billion, a PE ratio of -10.99 and a beta of 2.32. The business has a 50-day moving average of $6.62 and a 200 day moving average of $5.81.

Joby Aviation (NYSE:JOBY) last posted 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 firm had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter last year, the company posted ($0.13) EPS. On average, equities analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Gregory Bowles sold 7,748 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the transaction, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the transaction, the insider now directly owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. This trade represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 535,506 shares of company stock worth $2,759,533 over the last quarter. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently made changes to their positions in JOBY. Nisa Investment Advisors LLC boosted its stake in shares of 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 during the period. Bank of New York Mellon Corp boosted its stake in shares of Joby Aviation by 41.8% in the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after acquiring an additional 435,069 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Joby Aviation in the second quarter worth about $57,000. Principal Financial Group Inc. boosted its stake in shares of Joby Aviation by 59.6% in the second quarter. Principal Financial Group Inc. now owns 54,294 shares of the company’s stock worth $277,000 after acquiring an additional 20,280 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in Joby Aviation by 67.1% during the second quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock valued at $522,000 after buying an additional 41,128 shares during the last quarter. Institutional investors own 52.85% 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.