Joby Aviation (NYSE:JOBY) Price Target Cut to $5.00 by Analysts at JPMorgan Chase & Co.

Joby Aviation (NYSE:JOBY) had its price target lowered by JPMorgan Chase & Co. from $6.00 to $5.00 in a research note released on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other analysts have also recently issued research reports about the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. Canaccord Genuity Group decreased their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, October 2nd.

Joby Aviation Stock Up 1.7 %

JOBY opened at $4.88 on Tuesday. The company has a market cap of $3.49 billion, a P/E ratio of -9.96 and a beta of 1.97. The firm’s 50-day moving average price is $5.31 and its 200-day moving average price is $5.29. Joby Aviation has a 52-week low of $4.50 and a 52-week high of $7.69.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.18). The company had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.28 million. During the same quarter in the previous year, the company posted ($0.17) EPS. On average, research analysts anticipate that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Activity

In related news, CEO Joeben Bevirt sold 250,000 shares of the firm’s 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 $158,470,228.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Didier Papadopoulos sold 6,025 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the sale, the insider now directly owns 47,474 shares in the company, valued at $253,036.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joeben Bevirt sold 250,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the transaction, the chief executive officer now directly owns 32,674,274 shares of the company’s stock, valued at $158,470,228.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 525,499 shares of company stock valued at $2,667,151 in the last quarter. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the business. Janney Montgomery Scott LLC lifted its position in shares of Joby Aviation by 15.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 266,882 shares of the company’s stock valued at $1,342,000 after buying an additional 34,866 shares in the last quarter. Fullcircle Wealth LLC raised its position in Joby Aviation by 40.0% during the third quarter. Fullcircle Wealth LLC now owns 21,000 shares of the company’s stock worth $111,000 after acquiring an additional 6,000 shares during the period. Modera Wealth Management LLC lifted its holdings in Joby Aviation by 46.9% during the third quarter. Modera Wealth Management LLC now owns 23,500 shares of the company’s stock valued at $118,000 after purchasing an additional 7,500 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after purchasing an additional 9,188 shares during the period. Finally, Private Advisor Group LLC increased its stake in shares of Joby Aviation by 45.3% during the third quarter. Private Advisor Group LLC now owns 34,513 shares of the company’s stock worth $174,000 after purchasing an additional 10,765 shares in the last quarter. 45.54% of the stock is currently 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.