Joby Aviation (NYSE:JOBY) Coverage Initiated 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, MarketBeat reports. The brokerage set a “buy” rating and a $8.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 28.93% from the company’s current price.

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

Joby Aviation Price Performance

Shares of JOBY opened at $6.21 on Tuesday. Joby Aviation has a 1 year low of $4.50 and a 1 year high of $7.69. The stock’s fifty day moving average price is $5.46 and its two-hundred day moving average price is $5.35. The firm has a market cap of $4.75 billion, a PE ratio of -8.84 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.28 million during the quarter, compared to the consensus estimate 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 firm posted ($0.13) earnings per share. Sell-side analysts anticipate that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related 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 value of $1,212,500.00. Following the sale, the chief executive officer now directly owns 32,674,274 shares of the company’s stock, valued at $158,470,228.90. This trade represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Didier Papadopoulos sold 6,025 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the completion of the transaction, the insider now directly owns 47,474 shares of the company’s stock, valued at approximately $253,036.42. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 525,499 shares of company stock valued at $2,667,151 in the last three months. Company insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds have recently made changes to their positions in the stock. Flaharty Asset Management LLC raised its position in Joby Aviation by 25.0% during the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock valued at $76,000 after purchasing an additional 3,000 shares in the last quarter. Kensington Investment Counsel LLC increased its position 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 valued at $172,000 after purchasing an additional 3,653 shares during the last quarter. ProShare Advisors LLC raised its holdings 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 buying an additional 3,942 shares in the last quarter. Amalgamated Bank boosted its stake in 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 buying an additional 4,391 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in Joby Aviation by 218.3% during the third 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 during the last quarter. 45.54% of the stock is owned by institutional investors.

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.