Joby Aviation (NYSE:JOBY) Shares Up 0.8% – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price shot up 0.8% during trading on Wednesday . The stock traded as high as $6.03 and last traded at $5.98. 3,698,544 shares were traded during trading, a decline of 66% from the average session volume of 10,837,967 shares. The stock had previously closed at $5.93.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Canaccord Genuity Group upped their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. JPMorgan Chase & Co. dropped their price target on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. Finally, HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Price Performance

The stock’s 50-day moving average is $7.03 and its 200 day moving average is $6.93. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of -7.65 and a beta of 2.35.

Insider Activity at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction dated Monday, January 6th. The shares were 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 directly owns 32,325,793 shares of the company’s stock, valued at approximately $318,085,803.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the sale, the director now owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. The trade was a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,425,831 shares of company stock worth $11,119,208 over the last three months. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System increased its position in shares of Joby Aviation by 1.1% in the fourth quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock valued at $1,512,000 after buying an additional 2,065 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Joby Aviation in the fourth quarter valued at approximately $121,000. Total Wealth Planning & Management Inc. purchased a new position in shares of Joby Aviation during the 4th quarter worth $285,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Joby Aviation in the fourth quarter valued at $2,492,000. Finally, Carolinas Wealth Consulting LLC acquired a new position in Joby Aviation in the fourth quarter valued at $41,000. 52.85% of the stock is owned by hedge funds and other 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.