Joby Aviation (NYSE:JOBY) Shares Up 3.7% - Here's What Happened

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price was up 3.7% on Friday . The stock traded as high as $6.48 and last traded at $6.56. Approximately 4,709,208 shares traded hands during trading, a decline of 56% from the average daily volume of 10,603,933 shares. The stock had previously closed at $6.33.

Analyst Upgrades and Downgrades

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

Joby Aviation Stock Performance

The stock has a 50-day moving average of $7.41 and a 200 day moving average of $6.88. The firm has a market capitalization of $5.34 billion, a P/E ratio of -9.68 and a beta of 2.35.

Remove Ads

Insider Buying and Selling

In other news, CEO Joeben Bevirt sold 23,886 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the transaction, the chief executive officer now directly owns 768,293 shares in the company, valued at approximately $6,207,807.44. This represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Didier Papadopoulos sold 7,692 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the sale, the insider now directly owns 50,902 shares of the company's stock, valued at approximately $509,020. This represents a 13.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,015,470 shares of company stock worth $8,600,479 in the last 90 days. Corporate insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Several large investors have recently made changes to their positions in the company. Empowered Funds LLC acquired a new position in Joby Aviation during the 3rd quarter valued at about $51,000. Intech Investment Management LLC bought a new position in Joby Aviation in the third quarter valued at approximately $518,000. Larson Financial Group LLC grew its holdings in Joby Aviation by 218.3% during the 3rd 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. CreativeOne Wealth LLC bought a new stake in shares of Joby Aviation during the 3rd quarter valued at $79,000. Finally, Verition Fund Management LLC lifted its stake in shares of Joby Aviation by 118.9% in the 3rd quarter. Verition Fund Management LLC now owns 78,339 shares of the company's stock valued at $394,000 after purchasing an additional 42,544 shares during the period. Institutional investors and hedge funds own 52.85% of the company's stock.

About Joby Aviation

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.