Joby Aviation (NYSE:JOBY) Sees Strong Trading Volume - Still a Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 6,396,383 shares were traded during trading, a decline of 12% from the previous session's volume of 7,240,868 shares.The stock last traded at $6.18 and had previously closed at $6.27.

Wall Street Analysts Forecast Growth

JOBY has been the subject of a number of research analyst reports. Canaccord Genuity Group cut their target price on shares of Joby Aviation from $10.50 to $9.75 and set a "buy" rating for the company in a research report on Tuesday, October 29th. JPMorgan Chase & Co. cut their target price on shares of Joby Aviation from $6.00 to $5.00 and set a "neutral" rating for the company in a research report on Tuesday, October 29th. Cantor Fitzgerald reissued an "overweight" rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. Finally, HC Wainwright reissued a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, October 2nd.

Joby Aviation Trading Up 0.8 %

The firm's fifty day simple moving average is $5.34 and its two-hundred day simple moving average is $5.32. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of -8.91 and a beta of 1.97.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.28 million for the quarter, compared to analysts' expectations of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter last year, the firm earned ($0.13) earnings per share. As a group, analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Joeben Bevirt sold 250,000 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the sale, the chief executive officer now owns 32,674,274 shares of the company's stock, valued at approximately $158,470,228.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Paul Cahill Sciarra sold 166,666 shares of the firm's stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $5.15, for a total transaction of $858,329.90. Following the sale, the director now owns 59,828,059 shares of the company's stock, valued at $308,114,503.85. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 525,499 shares of company stock valued at $2,667,151 over the last 90 days. 32.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Vanguard Group Inc. lifted its position in shares of Joby Aviation by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company's stock worth $185,776,000 after buying an additional 2,889,012 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Joby Aviation in the first quarter valued at approximately $15,357,000. Ieq Capital LLC grew its stake in 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 acquiring an additional 1,807,054 shares during the period. Susquehanna Fundamental Investments LLC lifted its holdings in shares of Joby Aviation by 1,018.5% in 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, Bank of New York Mellon Corp lifted its holdings in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company's stock worth $7,521,000 after acquiring an additional 435,069 shares during the period. 45.54% of the stock is owned by institutional investors and hedge funds.

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.

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