Joby Aviation (NYSE:JOBY) Trading 10.7% Higher – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY) shares were up 10.7% during trading on Monday . The company traded as high as $7.99 and last traded at $7.85. Approximately 16,347,164 shares were traded during mid-day trading, an increase of 111% from the average daily volume of 7,761,757 shares. The stock had previously closed at $7.09.

Analyst Upgrades and Downgrades

Several research firms have recently commented on JOBY. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Canaccord Genuity Group decreased their target price 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. JPMorgan Chase & Co. dropped their price target 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. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. Finally, Needham & Company LLC initiated coverage on Joby Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Up 15.7 %

The firm has a 50 day simple moving average of $5.54 and a two-hundred day simple moving average of $5.38. The stock has a market capitalization of $6.27 billion, a P/E ratio of -11.21 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 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 business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. During the same quarter in the prior year, the company earned ($0.13) earnings per share. On average, research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total transaction 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 approximately $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 can be accessed through the SEC website. Also, Director Paul Cahill Sciarra sold 166,666 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $5.15, for a total value of $858,329.90. Following the sale, the director now owns 59,828,059 shares in the company, valued at approximately $308,114,503.85. This trade represents a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 527,778 shares of company stock worth $2,683,104. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Joby Aviation by 9.1% in the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after buying an additional 2,889,012 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after acquiring an additional 670,852 shares during the last quarter. State Street Corp increased its position in Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after purchasing an additional 812,248 shares during the period. Ieq Capital LLC raised its holdings in Joby Aviation by 68.6% during the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after purchasing an additional 1,807,054 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Joby Aviation by 41.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after purchasing an additional 435,069 shares during the period. 45.54% of the stock is currently owned by institutional investors and hedge funds.

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.