Needham & Company LLC Raises Joby Aviation (NYSE:JOBY) Price Target to $10.00

Joby Aviation (NYSE:JOBY) had its price target boosted by Needham & Company LLC from $8.00 to $10.00 in a report issued on Tuesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Canaccord Genuity Group raised their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. downgraded shares of Joby Aviation from a “neutral” rating to an “underweight” rating and upped their price objective for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.30.

Joby Aviation Price Performance

NYSE:JOBY opened at $8.38 on Tuesday. The firm has a market capitalization of $6.41 billion, a P/E ratio of -11.96 and a beta of 2.33. The company’s fifty day moving average price is $7.88 and its 200-day moving average price is $6.29. Joby Aviation has a 1-year low of $4.50 and a 1-year high of $10.72.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data 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). The company 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 in the previous year, the business posted ($0.13) EPS. Equities analysts anticipate that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, Director Paul Cahill Sciarra sold 333,332 shares of the business’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the completion of the sale, the director now owns 58,994,729 shares of the company’s stock, valued at $471,957,832. The trade was a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the transaction, the insider now directly owns 54,776 shares in the company, valued at $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 640,849 shares of company stock worth $5,601,747 in the last quarter. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently made changes to their positions in the company. Yarbrough Capital LLC acquired a new position in Joby Aviation in the 4th quarter valued at $1,362,000. Bouvel Investment Partners LLC grew its holdings in shares of Joby Aviation by 1.4% during the fourth quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock worth $1,007,000 after buying an additional 1,715 shares in the last quarter. Hamilton Lane Advisors LLC acquired a new stake in shares of Joby Aviation in the fourth quarter valued at about $418,000. Salem Investment Counselors Inc. lifted its stake in shares of Joby Aviation by 5,000.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock worth $41,000 after buying an additional 5,000 shares in the last quarter. Finally, Watts Gwilliam & Co. LLC acquired a new position in Joby Aviation during the fourth quarter worth about $154,000. 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.