Joby Aviation (NYSE:JOBY) Shares Up 4.4% - What's Next?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares traded up 4.4% on Monday . The company traded as high as $5.93 and last traded at $5.60. 6,654,029 shares were traded during mid-day trading, a decline of 39% from the average session volume of 10,994,138 shares. The stock had previously closed at $5.36.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on JOBY shares. 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. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $9.00 price objective on shares of Joby Aviation in a research 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 on the stock in a report on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and set a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 price target (down from $10.00) on shares of Joby Aviation in a research note on Friday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $8.58.

Remove Ads

Joby Aviation Stock Performance

The stock has a market capitalization of $4.64 billion, a price-to-earnings ratio of -8.43 and a beta of 2.35. The business has a 50-day moving average of $6.67 and a 200-day moving average of $6.96.

Insider Activity

In other Joby Aviation news, insider Kate Dehoff sold 6,205 shares of the company's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.10, for a total transaction 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. This represents a 2.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Cahill Sciarra sold 333,334 shares of Joby Aviation stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the transaction, the director now owns 58,661,395 shares in the company, valued at $470,464,387.90. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,171,610 shares of company stock valued at $8,602,385. 32.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors have recently bought and sold shares of the company. Verition Fund Management LLC boosted its holdings in shares of Joby Aviation by 118.9% in the third quarter. Verition Fund Management LLC now owns 78,339 shares of the company's stock valued at $394,000 after acquiring an additional 42,544 shares in the last quarter. State Street Corp boosted its holdings in Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company's stock valued at $47,144,000 after purchasing an additional 812,248 shares in the last quarter. EP Wealth Advisors LLC increased its position in Joby Aviation by 15.4% during the 3rd quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company's stock worth $188,000 after purchasing an additional 5,000 shares during the period. Geode Capital Management LLC raised its stake 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 buying an additional 670,852 shares in the last quarter. Finally, Tidal Investments LLC lifted its holdings in shares of Joby Aviation by 13.7% in the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company's stock valued at $147,000 after buying an additional 3,522 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

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.