Joby Aviation (NYSE:JOBY) Trading Up 0.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shot up 0.3% on Monday . The stock traded as high as $7.88 and last traded at $7.71. 4,795,144 shares changed hands during trading, a decline of 46% from the average session volume of 8,832,383 shares. The stock had previously closed at $7.69.

Analyst Upgrades and Downgrades

JOBY has been the topic of several recent analyst reports. Canaccord Genuity Group decreased their price target 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. JPMorgan Chase & Co. decreased their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, Needham & Company LLC started coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Performance

The firm has a market cap of $5.89 billion, a P/E ratio of -11.00 and a beta of 2.32. The business’s fifty day moving average is $6.62 and its 200-day moving average is $5.81.

Joby Aviation (NYSE:JOBY) last issued 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). The business had revenue of $0.28 million during the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned ($0.13) EPS. Analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This trade represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 54,776 shares in the company, valued at $419,036.40. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 508,731 shares of company stock valued at $2,621,909. 32.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Larson Financial Group LLC boosted its position in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after buying an additional 5,840 shares during the last quarter. Empowered Funds LLC bought a new stake in Joby Aviation in the third quarter worth about $51,000. Sound Income Strategies LLC grew its position in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after acquiring an additional 10,000 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Joby Aviation during the 2nd quarter worth approximately $57,000. 52.85% 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.