Joby Aviation (NYSE:JOBY) Sees Strong Trading Volume – Still a Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY) saw unusually-high trading volume on Monday . Approximately 5,365,316 shares changed hands during trading, a decline of 37% from the previous session’s volume of 8,501,820 shares.The stock last traded at $7.59 and had previously closed at $7.78.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on JOBY. HC Wainwright restated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, October 2nd. Needham & Company LLC began coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price on the stock. Canaccord Genuity Group cut their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. cut 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. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Price Performance

The company has a market capitalization of $6.30 billion, a P/E ratio of -11.77 and a beta of 2.32. The firm has a fifty day moving average price of $6.50 and a 200-day moving average price of $5.76.

Joby Aviation (NYSE:JOBY) last released its 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). 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 previous year, the firm earned ($0.13) earnings per share. On average, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other Joby Aviation news, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $7.65, for a total transaction of $45,938.25. Following the sale, the insider now owns 54,776 shares in the company, valued at $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul Cahill Sciarra sold 166,666 shares of the 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 directly owns 59,828,059 shares in the company, valued at $308,114,503.85. This trade represents a 0.28 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 535,506 shares of company stock valued at $2,759,533. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently modified their holdings of JOBY. Geode Capital Management LLC grew its stake in Joby Aviation by 7.7% during 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 in the last quarter. State Street Corp increased its holdings in shares of Joby Aviation by 9.5% in the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after purchasing an additional 812,248 shares during the period. Ieq Capital LLC raised its position in shares of Joby Aviation by 68.6% in the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after buying an additional 1,807,054 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after buying an additional 435,069 shares during the period. Finally, Susquehanna Fundamental Investments LLC grew its position in Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after buying an additional 616,579 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.