Joby Aviation (NYSE:JOBY) Trading 1.7% Higher - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price was up 1.7% during trading on Tuesday . The company traded as high as $5.88 and last traded at $5.67. Approximately 4,910,183 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 11,013,338 shares. The stock had previously closed at $5.58.

Wall Street Analysts Forecast Growth

JOBY has been the topic of several recent research reports. Canaccord Genuity Group increased their price target on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a report on Wednesday, January 8th. HC Wainwright restated a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and set a $10.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. JPMorgan Chase & Co. dropped their price objective on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research note on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $8.58.

Joby Aviation Stock Performance

The company has a market capitalization of $4.66 billion, a PE ratio of -8.45 and a beta of 2.35. The firm has a fifty day simple moving average of $6.62 and a 200 day simple moving average of $6.96.

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Insider Activity

In other Joby Aviation news, Director Paul Cahill Sciarra sold 333,332 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the completion of the sale, the director now directly owns 58,994,729 shares of the company's stock, valued at approximately $471,957,832. This represents a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Kate Dehoff sold 6,205 shares of the firm's stock in a transaction on Monday, January 13th. The stock was sold at an average price of $8.10, for a total value of $50,260.50. Following the completion of the sale, the insider now directly owns 215,947 shares of the company's stock, valued at $1,749,170.70. The trade was a 2.79 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,171,610 shares of company stock worth $8,602,385. Company insiders own 32.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Toyota Motor Corp acquired a new stake in shares of Joby Aviation during the fourth quarter worth $640,259,000. Uber Technologies Inc purchased a new position in Joby Aviation in the 4th quarter worth $207,842,000. Vanguard Group Inc. lifted its position in Joby Aviation by 15.8% during the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock worth $380,163,000 after acquiring an additional 6,388,232 shares during the period. Nuveen Asset Management LLC grew its stake in Joby Aviation by 331.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock valued at $34,634,000 after purchasing an additional 3,272,597 shares during the last quarter. Finally, Baillie Gifford & Co. increased its holdings in shares of Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company's stock valued at $447,412,000 after purchasing an additional 2,281,161 shares during the period. Institutional investors and hedge funds own 52.85% of the company's stock.

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.