Joby Aviation (NYSE:JOBY) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Joby Aviation (NYSE:JOBY - Free Report) had its target price increased by Needham & Company LLC from $8.00 to $10.00 in a report published on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

JOBY has been the topic of several other reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. cut Joby Aviation from a "neutral" rating to an "underweight" rating and upped their target price for the company from $5.00 to $6.00 in a report on Friday. HC Wainwright restated a "buy" rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, Canaccord Genuity Group upped their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $9.30.

Joby Aviation Stock Performance

Shares of Joby Aviation stock traded down $0.11 on Tuesday, hitting $7.85. The stock had a trading volume of 11,665,120 shares, compared to its average volume of 19,690,748. The stock has a 50 day moving average of $7.70 and a 200 day moving average of $6.24. The firm has a market capitalization of $6.01 billion, a P/E ratio of -11.21 and a beta of 2.33. Joby Aviation has a twelve month low of $4.50 and a twelve month high of $10.72.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter last year, the company posted ($0.13) earnings per share. Equities analysts expect that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, Director Paul Cahill Sciarra sold 333,332 shares of the firm's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.00, for a total value of $2,666,656.00. Following the completion of the sale, the director now owns 58,994,729 shares of the company's stock, valued at approximately $471,957,832. This trade represents a 0.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 directly owns 54,776 shares in the company, valued at $419,036.40. The trade was a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 666,880 shares of company stock worth $5,739,596 in the last quarter. 32.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in JOBY. Geode Capital Management LLC raised its position in Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company's stock valued at $47,245,000 after buying an additional 670,852 shares during the last quarter. State Street Corp grew its stake in shares of Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company's stock worth $47,144,000 after acquiring an additional 812,248 shares in the last quarter. Ieq Capital LLC raised its holdings in shares of Joby Aviation by 68.6% in the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company's stock valued at $22,652,000 after purchasing an additional 1,807,054 shares during the last quarter. Susquehanna Fundamental Investments LLC lifted its position in shares of Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company's stock valued at $3,453,000 after purchasing an additional 616,579 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in Joby Aviation by 26.7% during the second quarter. Rhumbline Advisers now owns 548,724 shares of the company's stock worth $2,798,000 after purchasing an additional 115,483 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.