Joby Aviation (NYSE:JOBY) Given New $5.00 Price Target at JPMorgan Chase & Co.

Joby Aviation (NYSE:JOBY - Get Free Report) had its target price lowered by equities research analysts at JPMorgan Chase & Co. from $6.00 to $5.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 28.52% from the stock's previous close.

A number of other equities research analysts also recently commented on JOBY. HC Wainwright reiterated a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price objective on shares of Joby Aviation in a report on Thursday. Finally, Canaccord Genuity Group raised their target price 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. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $8.90.

Joby Aviation Stock Up 3.6 %

JOBY stock traded up $0.25 during mid-day trading on Thursday, hitting $7.00. The company had a trading volume of 15,978,162 shares, compared to its average volume of 13,786,622. The company has a 50-day moving average price of $8.14 and a 200 day moving average price of $6.73. Joby Aviation has a 12-month low of $4.50 and a 12-month high of $10.72. The company has a market capitalization of $5.35 billion, a price-to-earnings ratio of -9.99 and a beta of 2.33.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of the firm's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the completion of the sale, the chief executive officer now owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now directly owns 54,776 shares of the company's stock, valued at approximately $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,018,699 shares of company stock valued at $8,628,124 over the last ninety days. 32.40% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Several institutional investors have recently added to or reduced their stakes in the company. Intech Investment Management LLC bought a new position in shares of Joby Aviation during the third quarter valued at approximately $518,000. Rheos Capital Works Inc. boosted its holdings in Joby Aviation by 17.0% during the 4th quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock valued at $19,553,000 after acquiring an additional 350,000 shares during the period. Fred Alger Management LLC grew its position in Joby Aviation by 89.4% in the 3rd quarter. Fred Alger Management LLC now owns 123,368 shares of the company's stock valued at $621,000 after acquiring an additional 58,229 shares during the last quarter. Hamilton Lane Advisors LLC purchased a new stake in Joby Aviation in the fourth quarter worth $418,000. Finally, Entropy Technologies LP bought a new stake in shares of Joby Aviation during the fourth quarter worth $300,000. 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.