Joby Aviation (NYSE:JOBY) Stock Price Up 4.3% – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY) was up 4.3% during mid-day trading on Tuesday . The company traded as high as $10.72 and last traded at $10.25. Approximately 14,712,802 shares traded hands during trading, a decline of 20% from the average daily volume of 18,375,598 shares. The stock had previously closed at $9.83.

Wall Street Analysts Forecast Growth

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

Joby Aviation Stock Performance

The firm has a market cap of $7.82 billion, a price-to-earnings ratio of -14.60 and a beta of 2.33. The business has a fifty day moving average of $7.27 and a two-hundred day moving average of $6.09.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter in the prior year, the business earned ($0.13) EPS. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In related news, CEO Joeben Bevirt sold 23,886 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the sale, the chief executive officer now owns 768,293 shares in the company, valued at approximately $6,207,807.44. This trade represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kate Dehoff sold 27,898 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total value of $153,439.00. Following the completion of the transaction, the insider now owns 199,413 shares of the company’s stock, valued at $1,096,771.50. This trade represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 97,468 shares of company stock valued at $640,422 in the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently bought and sold shares of JOBY. Tidal Investments LLC raised its holdings in Joby Aviation by 13.7% in the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after buying an additional 3,522 shares during the period. Kensington Investment Counsel LLC increased its position in shares of Joby Aviation by 12.0% in the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after acquiring an additional 3,653 shares in the last quarter. Amalgamated Bank raised its stake in shares of Joby Aviation by 46.2% in the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after acquiring an additional 4,391 shares during the period. Larson Financial Group LLC lifted its holdings 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 valued at $37,000 after acquiring an additional 5,000 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its position in Joby Aviation by 15.4% during the 3rd quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock worth $188,000 after purchasing an additional 5,000 shares during the period. Institutional investors and hedge funds 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.