Joby Aviation (NYSE:JOBY) Trading 0.2% Higher - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares traded up 0.2% on Thursday . The stock traded as high as $6.60 and last traded at $6.59. 2,739,069 shares were traded during mid-day trading, a decline of 74% from the average session volume of 10,682,610 shares. The stock had previously closed at $6.57.

Analyst Upgrades and Downgrades

JOBY has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Canaccord Genuity Group upped their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Finally, HC Wainwright restated a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $8.90.

Joby Aviation Stock Performance

The firm's 50-day moving average price is $7.25 and its two-hundred day moving average price is $6.93. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of -8.75 and a beta of 2.35.

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Insiders Place Their Bets

In related news, insider Bonny W. Simi sold 9,695 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $65,732.10. Following the completion of the transaction, the insider now owns 146,941 shares in the company, valued at $996,259.98. This represents a 6.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Didier Papadopoulos sold 7,692 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $10.00, for a total value of $76,920.00. Following the sale, the insider now owns 50,902 shares in the company, valued at approximately $509,020. The trade was a 13.13 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,191,832 shares of company stock worth $9,796,214. 32.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Large investors have recently modified their holdings of the stock. Larson Financial Group LLC boosted its holdings in shares of Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company's stock valued at $37,000 after buying an additional 5,000 shares during the last quarter. Whittier Trust Co. bought a new position in Joby Aviation during the fourth quarter worth $38,000. Salem Investment Counselors Inc. increased its stake in shares of Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock valued at $41,000 after acquiring an additional 5,000 shares in the last quarter. Compagnie Lombard Odier SCmA bought a new stake in shares of Joby Aviation during the fourth quarter worth about $41,000. Finally, Toronto Dominion Bank bought a new stake in Joby Aviation in the 4th quarter worth about $41,000. 52.85% of the stock is currently 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.