Canaccord Genuity Group Issues Positive Forecast for Joby Aviation (NYSE:JOBY) Stock Price

Joby Aviation (NYSE:JOBY - Free Report) had its target price lifted by Canaccord Genuity Group from $9.75 to $11.50 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. HC Wainwright reissued a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Cantor Fitzgerald reiterated an "overweight" rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. dropped their price objective on Joby Aviation from $6.00 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 29th. Finally, Needham & Company LLC initiated coverage on Joby Aviation in a research note on Tuesday, November 19th. They set a "buy" rating and a $8.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, Joby Aviation has a consensus rating of "Moderate Buy" and a consensus price target of $8.70.

Joby Aviation Stock Down 7.3 %

Shares of NYSE:JOBY traded down $0.75 during midday trading on Wednesday, reaching $9.52. The company had a trading volume of 18,233,148 shares, compared to its average volume of 21,152,533. Joby Aviation has a 1-year low of $4.50 and a 1-year high of $10.72. The stock has a market cap of $7.28 billion, a PE ratio of -13.60 and a beta of 2.33. The business's 50 day moving average price is $7.46 and its 200 day moving average price is $6.15.

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

Insiders Place Their Bets

In other Joby Aviation news, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now owns 54,776 shares in the company, valued at $419,036.40. This trade represents a 9.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric Allison sold 27,817 shares of the business's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $5.56, for a total transaction of $154,662.52. Following the completion of the sale, the insider now directly owns 463,151 shares of the company's stock, valued at approximately $2,575,119.56. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 355,160 shares of company stock worth $3,177,342 over the last three months. Insiders own 32.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in JOBY. Larson Financial Group LLC lifted its position in Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company's stock worth $37,000 after purchasing an additional 5,000 shares during the period. Empowered Funds LLC bought a new stake in shares of Joby Aviation during the 3rd quarter worth approximately $51,000. Sound Income Strategies LLC boosted its position in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company's stock worth $52,000 after acquiring an additional 10,000 shares in the last quarter. International Assets Investment Management LLC increased its stake in Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company's stock valued at $58,000 after acquiring an additional 9,188 shares during the last quarter. Finally, Choreo LLC acquired a new position in Joby Aviation during the second quarter valued at approximately $60,000. 52.85% of the stock is owned by 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.