Joby Aviation (NYSE:JOBY) Trading 11.3% Higher – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded up 11.3% during mid-day trading on Tuesday . The stock traded as high as $8.94 and last traded at $9.10. 6,048,507 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 16,437,955 shares. The stock had previously closed at $8.17.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on JOBY shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. Needham & Company LLC increased their price target on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Canaccord Genuity Group raised their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price target for the company from $5.00 to $6.00 in a report on Friday, January 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Trading Down 1.1 %

The company has a market cap of $6.64 billion, a price-to-earnings ratio of -12.39 and a beta of 2.33. The business has a fifty day moving average price of $8.09 and a two-hundred day moving average price of $6.39.

Joby Aviation (NYSE:JOBY) last issued 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). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The company had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same period last year, the business earned ($0.13) EPS. On average, analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 23,886 shares of Joby Aviation stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total value of $192,998.88. Following the transaction, the chief executive officer now directly owns 768,293 shares in the company, valued at approximately $6,207,807.44. The trade was a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the transaction, the insider now owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. This trade represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 672,338 shares of company stock valued at $5,864,050 in the last three months. Insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bouvel Investment Partners LLC boosted its stake in shares of Joby Aviation by 1.4% in the 4th quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock valued at $1,007,000 after purchasing an additional 1,715 shares in the last quarter. Tidal Investments LLC increased its position in shares of Joby Aviation by 13.7% during the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after purchasing an additional 3,522 shares in the last quarter. Kensington Investment Counsel LLC lifted its holdings in Joby Aviation by 12.0% during the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after purchasing an additional 3,653 shares during the last quarter. Amalgamated Bank boosted its position in Joby Aviation by 46.2% in the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after buying an additional 4,391 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

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.