Joby Aviation (NYSE:JOBY) Shares Up 2.3% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price shot up 2.3% during mid-day trading on Thursday . The stock traded as high as $7.66 and last traded at $7.50. 3,317,281 shares changed hands during trading, a decline of 75% from the average session volume of 13,036,676 shares. The stock had previously closed at $7.33.

Analysts Set New Price Targets

Several research firms have recently issued reports on JOBY. JPMorgan Chase & Co. cut shares of Joby Aviation from a "neutral" rating to an "underweight" rating and lifted their price objective for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Canaccord Genuity Group lifted their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. Finally, Needham & Company LLC lifted their price objective on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.30.

Joby Aviation Trading Up 3.6 %

The company's 50 day moving average is $8.30 and its 200 day moving average is $6.60. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of -11.22 and a beta of 2.33.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction on Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the transaction, the chief executive officer now directly owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the transaction, the insider now owns 54,776 shares in the company, valued at approximately $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,025,284 shares of company stock worth $8,683,241. 32.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in JOBY. Larson Financial Group LLC increased its stake in shares of 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 acquiring an additional 5,000 shares during the period. Whittier Trust Co. acquired a new position in shares of Joby Aviation during the fourth quarter worth about $38,000. Salem Investment Counselors Inc. increased its stake in shares of Joby Aviation by 5,000.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock worth $41,000 after acquiring an additional 5,000 shares during the period. Compagnie Lombard Odier SCmA acquired a new position in shares of Joby Aviation during the fourth quarter worth about $41,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Joby Aviation during the fourth quarter worth about $42,000. 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.