Joby Aviation's (JOBY) Overweight Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Joby Aviation (NYSE:JOBY - Free Report) in a research note published on Thursday morning,Benzinga reports. The firm currently has a $9.00 target price on the stock.

A number of other equities research analysts have also weighed in on the stock. Canaccord Genuity Group boosted their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a report on Wednesday, January 8th. HC Wainwright reiterated a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Thursday. JPMorgan Chase & Co. reduced their price target on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Thursday. Finally, Needham & Company LLC restated a "buy" rating and set a $10.00 target price on shares of Joby Aviation in a research report on Thursday. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Joby Aviation presently has a consensus rating of "Moderate Buy" and an average target price of $8.90.

Joby Aviation Stock Performance

NYSE:JOBY traded up $0.25 during mid-day trading on Thursday, hitting $7.00. 15,978,162 shares of the company's stock traded hands, compared to its average volume of 13,786,622. The company has a fifty day moving average of $8.14 and a 200 day moving average of $6.73. Joby Aviation has a twelve month low of $4.50 and a twelve month high of $10.72. The company has a market capitalization of $5.35 billion, a P/E ratio of -9.99 and a beta of 2.33.

Insider Activity at Joby Aviation

In related news, insider Didier Papadopoulos sold 6,005 shares of the company's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the sale, the insider now directly owns 54,776 shares of the company's stock, valued at $419,036.40. This represents a 9.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joeben Bevirt sold 23,886 shares of Joby Aviation stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total value of $192,998.88. Following the completion of the transaction, the chief executive officer now owns 768,293 shares of the company's stock, 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. In the last quarter, insiders sold 1,018,699 shares of company stock valued at $8,628,124. Corporate insiders own 32.40% of the company's stock.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. Toyota Motor Corp purchased a new stake in Joby Aviation in the 4th quarter valued at $640,259,000. Uber Technologies Inc purchased a new stake in Joby Aviation during the fourth quarter worth about $207,842,000. Vanguard Group Inc. grew its holdings in shares of Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock worth $380,163,000 after acquiring an additional 6,388,232 shares during the period. Nuveen Asset Management LLC grew its holdings in Joby Aviation by 331.4% in the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock valued at $34,634,000 after purchasing an additional 3,272,597 shares during the last quarter. Finally, Baillie Gifford & Co. increased its holdings in Joby Aviation by 4.3% during the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company's stock valued at $447,412,000 after acquiring an additional 2,281,161 shares in the last quarter. Institutional investors and hedge funds 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.