Joby Aviation (NYSE:JOBY) Trading Up 2.6% – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY) rose 2.6% during trading on Monday . The stock traded as high as $6.86 and last traded at $6.82. Approximately 3,643,454 shares changed hands during trading, a decline of 66% from the average daily volume of 10,670,306 shares. The stock had previously closed at $6.64.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. Finally, Canaccord Genuity Group upped their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Price Performance

The stock has a market capitalization of $5.26 billion, a P/E ratio of -9.54 and a beta of 2.35. The stock has a 50 day moving average price of $7.36 and a 200-day moving average price of $6.91.

Insider Buying and Selling

In other Joby Aviation news, insider Kate Dehoff sold 6,903 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total value of $51,289.29. Following the sale, the insider now owns 202,276 shares of the company’s stock, valued at $1,502,910.68. This trade represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joeben Bevirt sold 23,886 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the transaction, the chief executive officer now owns 768,293 shares in the company, valued at $6,207,807.44. The trade was a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,015,470 shares of company stock worth $8,600,479 in the last ninety days. 32.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently made changes to their positions in the business. Toyota Motor Corp bought a new stake in Joby Aviation in the fourth quarter valued at $640,259,000. Baillie Gifford & Co. lifted its position in shares of Joby Aviation by 4.3% in the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after purchasing an additional 2,281,161 shares during the period. Vanguard Group Inc. boosted its stake in shares of Joby Aviation by 15.8% during the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after purchasing an additional 6,388,232 shares in the last quarter. Uber Technologies Inc bought a new position in Joby Aviation in the fourth quarter worth about $207,842,000. Finally, Geode Capital Management LLC lifted its holdings in Joby Aviation by 8.7% in the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock worth $83,015,000 after buying an additional 817,638 shares during the period. 52.85% of the stock is 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.