Joby Aviation (NYSE:JOBY) Stock Price Up 4.9% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) rose 4.9% during trading on Friday . The company traded as high as $8.77 and last traded at $8.63. Approximately 4,483,075 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 13,822,883 shares. The stock had previously closed at $8.23.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on JOBY shares. Canaccord Genuity Group raised their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, December 18th. Needham & Company LLC boosted their price objective on shares of Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and raised their target price for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Trading Up 2.6 %

The company has a market capitalization of $6.46 billion, a price-to-earnings ratio of -12.07 and a beta of 2.33. The firm has a 50-day moving average price of $8.37 and a 200-day moving average price of $6.50.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) 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 business had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. During the same quarter in the previous year, the firm earned ($0.13) earnings per share. Equities research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, insider Gregory Bowles sold 7,748 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the sale, the insider now owns 29,235 shares in the company, valued at $236,218.80. This represents a 20.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Cahill Sciarra sold 333,332 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $8.00, for a total value of $2,666,656.00. Following the sale, the director now directly owns 58,994,729 shares of the company’s stock, valued at $471,957,832. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 672,338 shares of company stock worth $5,864,050. Company insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several large investors have recently made changes to their positions in the stock. Xponance Inc. boosted its position in Joby Aviation by 52.0% during the second quarter. Xponance Inc. now owns 25,614 shares of the company’s stock worth $131,000 after purchasing an additional 8,759 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Joby Aviation by 28.7% in the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock valued at $1,266,000 after purchasing an additional 55,340 shares during the last quarter. Algert Global LLC bought a new position in shares of Joby Aviation in the second quarter worth about $90,000. EP Wealth Advisors LLC bought a new stake in Joby Aviation during the 2nd quarter valued at approximately $165,000. Finally, Sanctuary Advisors LLC bought a new stake in Joby Aviation during the 2nd quarter valued at approximately $81,000. 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.