Joby Aviation (NYSE:JOBY) Now Covered by Analysts at Needham & Company LLC

Analysts at Needham & Company LLC started coverage on shares of Joby Aviation (NYSE:JOBY) in a note issued to investors on Tuesday,Benzinga reports. The brokerage set a “buy” rating and a $8.00 price target on the stock. Needham & Company LLC’s price objective points to a potential upside of 42.48% from the company’s current price.

JOBY has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, October 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. Finally, Canaccord Genuity Group reduced their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Trading Down 2.0 %

Shares of NYSE JOBY opened at $5.62 on Tuesday. The firm’s 50-day moving average price is $5.43 and its 200-day moving average price is $5.34. The stock has a market capitalization of $4.30 billion, a price-to-earnings ratio of -8.02 and a beta of 1.97. Joby Aviation has a 12-month low of $4.50 and a 12-month high of $7.69.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business 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 prior year, the company posted ($0.13) earnings per share. On average, equities analysts predict that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,666 shares of the firm’s 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 completion of the transaction, the director now owns 59,828,059 shares of the company’s stock, valued at approximately $308,114,503.85. This trade represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Gregory Bowles sold 26,775 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the transaction, the insider now directly owns 18,035 shares of the company’s stock, valued at approximately $92,699.90. This trade represents a 59.75 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 525,499 shares of company stock worth $2,667,151. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Flaharty Asset Management LLC raised its holdings in shares of Joby Aviation by 25.0% during the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock worth $76,000 after purchasing an additional 3,000 shares during the last quarter. Kensington Investment Counsel LLC boosted its stake in shares of Joby Aviation by 12.0% during the 3rd 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. ProShare Advisors LLC grew its position in shares of Joby Aviation by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock valued at $269,000 after acquiring an additional 3,942 shares during the period. Amalgamated Bank increased 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 purchasing an additional 4,391 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares during the period. Hedge funds and other institutional investors own 45.54% 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.