Canaccord Genuity Group Issues Positive Forecast for Joby Aviation (NYSE:JOBY) Stock Price

Joby Aviation (NYSE:JOBY) had its price objective hoisted by Canaccord Genuity Group from $9.75 to $11.50 in a research note published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently commented on JOBY. JPMorgan Chase & Co. lowered their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Needham & Company LLC began coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.70.

Joby Aviation Trading Down 7.3 %

Joby Aviation stock opened at $9.52 on Wednesday. The firm has a market capitalization of $7.28 billion, a P/E ratio of -13.60 and a beta of 2.33. The business has a 50-day moving average of $7.46 and a 200-day moving average of $6.15. Joby Aviation has a 1 year low of $4.50 and a 1 year high of $10.72.

Joby Aviation (NYSE:JOBY) last issued 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 for the quarter, compared to analyst estimates 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) EPS. Research analysts anticipate that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $9.84, for a total value of $2,460,000.00. Following the completion of the transaction, the chief executive officer now owns 32,325,793 shares in the company, valued at $318,085,803.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the sale, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 355,160 shares of company stock worth $3,177,342 over the last three months. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC increased its stake in shares of Joby Aviation by 13.7% during the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after purchasing an additional 3,522 shares during the last quarter. Kensington Investment Counsel LLC increased its position in Joby Aviation by 12.0% during the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after buying an additional 3,653 shares during the last quarter. Amalgamated Bank raised its stake in Joby Aviation by 46.2% in the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after buying an additional 4,391 shares during the period. Larson Financial Group LLC raised its stake in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares during the period. Finally, EP Wealth Advisors LLC lifted its position in shares of Joby Aviation by 15.4% in the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock valued at $188,000 after buying an additional 5,000 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors.

Joby Aviation Company Profile

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.