By otakuyassine3@gmail.com 
Joby Aviation, Inc. (NYSE:JOBY – Get Free Report) shares shot up 4% during trading on Wednesday . The company traded as high as $8.83 and last traded at $8.57. 11,085,603 shares traded hands during mid-day trading, an increase of 29% from the average session volume of 8,617,901 shares. The stock had previously closed at $8.24.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on JOBY shares. Needham & Company LLC began coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. JPMorgan Chase & Co. lowered their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday. Finally, Canaccord Genuity Group dropped their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.35.
Read Our Latest Stock Analysis on JOBY
Joby Aviation Trading Up 7.9 %
The business’s fifty day moving average price is $6.50 and its 200-day moving average price is $5.76. The company has a market capitalization of $6.80 billion, a P/E ratio of -12.70 and a beta of 2.32.
Joby Aviation (NYSE:JOBY – Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share 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 during the quarter, compared to analysts’ expectations of $0.06 million. During the same period in the prior year, the company earned ($0.13) earnings per share. As a group, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.
Insiders Place Their Bets
In other news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the sale, the chief executive officer now directly owns 32,674,274 shares in the company, valued at $158,470,228.90. The trade was a 0.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Gregory Bowles sold 26,775 shares of the firm’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 $92,699.90. The trade was a 59.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 535,506 shares of company stock valued at $2,759,533. 32.40% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in JOBY. Tidal Investments LLC grew its stake in Joby Aviation by 13.7% in the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after purchasing an additional 3,522 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after buying an additional 670,852 shares during the last quarter. Kensington Investment Counsel LLC raised its stake in shares of Joby Aviation by 12.0% during the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after acquiring an additional 3,653 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in Joby Aviation by 15.4% in the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock valued at $188,000 after acquiring an additional 5,000 shares in the last quarter. Finally, State Street Corp grew its holdings 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 during the last quarter. 52.85% of the stock is currently 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.
Further Reading
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