Joby Aviation (NYSE:JOBY) Trading 11.1% Higher – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s share price was up 11.1% during mid-day trading on Monday . The stock traded as high as $5.80 and last traded at $5.79. 9,288,836 shares were traded during trading, an increase of 31% from the average daily volume of 7,100,063 shares. The stock had previously closed at $5.21.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on JOBY. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered 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 note on Tuesday, October 29th. Finally, Canaccord Genuity Group reduced their price objective 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.

Joby Aviation Price Performance

The business has a 50-day moving average of $5.37 and a 200 day moving average of $5.32. The company has a market cap of $4.24 billion, a PE ratio of -8.73 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the previous year, the company earned ($0.13) EPS. On average, equities analysts predict that Joby Aviation, Inc. will post -0.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Matthew Field sold 5,643 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $5.96, for a total transaction of $33,632.28. Following the transaction, the insider now owns 293,143 shares in the company, valued at approximately $1,747,132.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Matthew Field sold 5,643 shares of the stock in a transaction dated Monday, October 7th. The shares were 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 owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 525,499 shares of company stock valued at $2,667,151 over the last ninety days. 32.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Vanguard Group Inc. increased its stake in Joby Aviation by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after buying an additional 2,889,012 shares in the last quarter. Ieq Capital LLC increased its position in shares of Joby Aviation by 68.6% during the second 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Joby Aviation in the 1st quarter valued at $15,357,000. Bank of New York Mellon Corp lifted its holdings in 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 valued at $7,521,000 after purchasing an additional 435,069 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC boosted its stake in Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares during the last quarter. 45.54% of the stock is currently owned by institutional investors and hedge funds.

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.