Morgan Stanley Reiterates "Equal Weight" Rating for Joby Aviation (NYSE:JOBY)

Joby Aviation (NYSE:JOBY - Get Free Report)'s stock had its "equal weight" rating reaffirmed by stock analysts at Morgan Stanley in a research note issued on Friday, MarketBeat.com reports. They currently have a $7.00 target price on the stock, down from their prior target price of $10.00. Morgan Stanley's price objective points to a potential upside of 19.86% from the company's current price.

A number of other equities analysts also recently commented on JOBY. Canaccord Genuity Group boosted their price objective on Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. Cantor Fitzgerald reiterated an "overweight" rating and set a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a report on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Needham & Company LLC restated a "buy" rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Joby Aviation has an average rating of "Moderate Buy" and an average target price of $8.58.

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Joby Aviation Trading Down 3.0 %

NYSE:JOBY traded down $0.18 during midday trading on Friday, reaching $5.84. The company had a trading volume of 6,199,746 shares, compared to its average volume of 11,242,421. Joby Aviation has a 12-month low of $4.50 and a 12-month high of $10.72. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of -8.34 and a beta of 2.35. The stock's fifty day simple moving average is $6.58 and its 200-day simple moving average is $6.98.

Insiders Place Their Bets

In other news, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.33, for a total value of $262,303.37. Following the completion of the sale, the insider now directly owns 137,097 shares of the company's stock, valued at approximately $1,142,018.01. This represents a 18.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joeben Bevirt sold 10,785 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $7.43, for a total transaction of $80,132.55. Following the transaction, the chief executive officer now owns 793,036 shares in the company, valued at approximately $5,892,257.48. This trade represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 832,073 shares of company stock valued at $5,885,469. 32.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of JOBY. Verition Fund Management LLC raised its stake in Joby Aviation by 118.9% during the 3rd quarter. Verition Fund Management LLC now owns 78,339 shares of the company's stock valued at $394,000 after acquiring an additional 42,544 shares during the last quarter. State Street Corp increased its holdings in shares of Joby Aviation by 9.5% in the third quarter. State Street Corp now owns 9,372,636 shares of the company's stock valued at $47,144,000 after purchasing an additional 812,248 shares during the period. EP Wealth Advisors LLC raised its stake in shares of Joby Aviation by 15.4% during the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company's stock worth $188,000 after purchasing an additional 5,000 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company's stock worth $47,245,000 after purchasing an additional 670,852 shares during the period. Finally, Tidal Investments LLC increased its stake in Joby Aviation by 13.7% in the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company's stock valued at $147,000 after buying an additional 3,522 shares during the period. 52.85% of the stock is 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.