Joby Aviation (NYSE:JOBY) Trading 4% Higher – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) was up 4% during mid-day trading on Wednesday . The stock traded as high as $8.83 and last traded at $8.57. Approximately 11,085,603 shares traded hands during mid-day trading, an increase of 29% from the average daily volume of 8,617,901 shares. The stock had previously closed at $8.24.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on JOBY shares. JPMorgan Chase & Co. reduced 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. Cantor Fitzgerald restated 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 reduced their price objective 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. HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a report on Wednesday. Finally, Needham & Company LLC assumed coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target for the company. One 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 company presently has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Up 7.9 %

The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of -12.70 and a beta of 2.32. The stock has a fifty day moving average price of $6.50 and a two-hundred 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) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter last year, the company posted ($0.13) earnings per share. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Gregory Bowles sold 26,775 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $5.14, for a total value of $137,623.50. Following the completion of the sale, the insider now directly owns 18,035 shares of the company’s stock, valued at approximately $92,699.90. This represents a 59.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the transaction, the chief executive officer now owns 32,674,274 shares in the company, valued at $158,470,228.90. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 535,506 shares of company stock worth $2,759,533 over the last ninety days. 32.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds have recently modified their holdings of JOBY. Geode Capital Management LLC grew its position in Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares in the last quarter. State Street Corp raised its position in 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 in the last quarter. Ieq Capital LLC lifted its position 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 buying an additional 1,807,054 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Joby Aviation by 41.8% during 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 buying an additional 435,069 shares during the period. Finally, Susquehanna Fundamental Investments LLC raised its position in shares of Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after acquiring an additional 616,579 shares during the period. 52.85% 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.