Joby Aviation (NYSE:JOBY) Trading 2.5% Higher - Should You Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded up 2.5% during mid-day trading on Monday . The stock traded as high as $6.16 and last traded at $6.08. 3,451,355 shares were traded during mid-day trading, a decline of 69% from the average session volume of 11,226,668 shares. The stock had previously closed at $5.93.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on JOBY. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group raised their price objective on 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 price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, February 27th. Finally, HC Wainwright reissued a "buy" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.58.

Joby Aviation Stock Up 1.3 %

The firm has a market capitalization of $4.62 billion, a price-to-earnings ratio of -8.38 and a beta of 2.35. The firm's 50 day moving average is $6.46 and its 200 day moving average is $6.97.

Insider Activity

In other news, Director Paul Cahill Sciarra sold 333,334 shares of the firm's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $8.02, for a total transaction of $2,673,338.68. Following the transaction, the director now owns 58,661,395 shares in the company, valued at approximately $470,464,387.90. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kate Dehoff sold 6,903 shares of the company's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $7.43, for a total transaction of $51,289.29. Following the sale, the insider now directly owns 202,276 shares of the company's stock, valued at approximately $1,502,910.68. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 823,112 shares of company stock valued at $5,754,922 over the last three months. Insiders own 32.40% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp grew its position in Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company's stock worth $47,144,000 after purchasing an additional 812,248 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company's stock worth $47,245,000 after purchasing an additional 670,852 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Joby Aviation by 13.7% in the third quarter. Tidal Investments LLC now owns 29,246 shares of the company's stock valued at $147,000 after purchasing an additional 3,522 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in Joby Aviation during the fourth quarter worth $142,000. Finally, Watts Gwilliam & Co. LLC acquired a new position in shares of Joby Aviation in the 4th quarter valued at $154,000. 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.