Joby Aviation (NYSE:JOBY) Sees Strong Trading Volume – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY) saw strong trading volume on Tuesday . 6,396,383 shares traded hands during trading, a decline of 12% from the previous session’s volume of 7,240,868 shares.The stock last traded at $6.18 and had previously closed at $6.27.

Analyst Upgrades and Downgrades

JOBY has been the topic of several recent research reports. Canaccord Genuity Group cut their price target 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. decreased their price target 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 price target on shares of Joby Aviation in a report on Wednesday, October 2nd.

Joby Aviation Price Performance

The company has a market capitalization of $4.53 billion, a PE ratio of -8.91 and a beta of 1.97. The business’s 50 day simple moving average is $5.34 and its 200 day simple moving average is $5.32.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter in the prior year, the firm posted ($0.13) EPS. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Transactions at Joby Aviation

In other news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the completion of the sale, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Matthew Field sold 5,643 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $5.96, for a total value of $33,632.28. Following the completion of the sale, the insider now directly owns 293,143 shares in the company, valued at approximately $1,747,132.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation 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 completion of the transaction, the chief executive officer now directly owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,499 shares of company stock worth $2,667,151 in the last three months. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Flaharty Asset Management LLC increased its holdings in shares of Joby Aviation by 25.0% in the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock worth $76,000 after acquiring an additional 3,000 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of Joby Aviation by 8.5% in the first quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after acquiring an additional 3,942 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Joby Aviation by 46.2% in the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after acquiring an additional 4,391 shares in the last quarter. Cetera Advisors LLC increased its holdings in shares of Joby Aviation by 32.9% in the first quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock worth $109,000 after acquiring an additional 5,025 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after buying an additional 5,840 shares in the last quarter. Institutional investors and hedge funds 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.