Joby Aviation (NYSE:JOBY) Sees Large Volume Increase – Time to Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY) saw unusually-high trading volume on Thursday . Approximately 4,208,643 shares traded hands during mid-day trading, a decline of 53% from the previous session’s volume of 8,874,433 shares.The stock last traded at $8.46 and had previously closed at $8.26.

Wall Street Analyst Weigh In

Several analysts recently weighed in on JOBY shares. JPMorgan Chase & Co. decreased their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Needham & Company LLC began coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. Canaccord Genuity Group lowered their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Trading Up 11.0 %

The stock has a market capitalization of $7.02 billion, a PE ratio of -13.10 and a beta of 2.32. The stock’s fifty day simple moving average is $6.77 and its 200-day simple moving average is $5.87.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (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 firm had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. During the same period in the prior year, the business earned ($0.13) earnings per share. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total value of $1,212,500.00. Following the sale, the chief executive officer now directly owns 32,674,274 shares of the company’s stock, valued at $158,470,228.90. The trade was a 0.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Paul Cahill Sciarra sold 166,666 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $5.15, for a total value of $858,329.90. Following the transaction, the director now directly owns 59,828,059 shares in the company, valued at $308,114,503.85. The trade was a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 508,731 shares of company stock worth $2,621,909. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its stake in shares of Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after acquiring an additional 5,000 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Joby Aviation in the 3rd quarter worth $51,000. Sound Income Strategies LLC boosted its holdings 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. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Joby Aviation in the 2nd quarter valued at approximately $57,000. Finally, International Assets Investment Management LLC increased its stake in Joby Aviation by 403.0% during the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after purchasing an additional 9,188 shares in the last quarter. 52.85% of the stock is 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.