Joby Aviation (NYSE:JOBY) Trading Up 4.9% - Here's What Happened

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price was up 4.9% during mid-day trading on Friday . The company traded as high as $8.77 and last traded at $8.63. Approximately 4,483,075 shares traded hands during trading, a decline of 68% from the average daily volume of 13,822,883 shares. The stock had previously closed at $8.23.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. HC Wainwright reiterated a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of Joby Aviation from a "neutral" rating to an "underweight" rating and boosted their price objective for the company from $5.00 to $6.00 in a report on Friday, January 10th. Needham & Company LLC raised their target price on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Finally, Canaccord Genuity Group boosted 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. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $9.30.

Joby Aviation Trading Down 2.4 %

The company's 50 day moving average price is $8.39 and its two-hundred day moving average price is $6.50. The stock has a market cap of $6.17 billion, a P/E ratio of -11.52 and a beta of 2.33.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued 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). The business had revenue of $0.28 million for the quarter, compared to analysts' expectations of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the prior year, the business earned ($0.13) EPS. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.33, for a total value of $262,303.37. Following the completion of the sale, the insider now directly owns 137,097 shares of the company's stock, valued at $1,142,018.01. This represents a 18.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Didier Papadopoulos sold 7,692 shares of Joby Aviation stock in a transaction 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 transaction, the insider now owns 50,902 shares in the company, valued at approximately $509,020. This trade represents a 13.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 672,338 shares of company stock worth $5,864,050 over the last quarter. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently made changes to their positions in the business. Bouvel Investment Partners LLC raised its stake in Joby Aviation by 1.4% during the 4th quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company's stock valued at $1,007,000 after purchasing an additional 1,715 shares during the period. Private Advisor Group LLC raised its position in shares of Joby Aviation by 6.6% during the fourth quarter. Private Advisor Group LLC now owns 36,774 shares of the company's stock valued at $299,000 after buying an additional 2,261 shares during the last quarter. Empowered Funds LLC raised its position in shares of Joby Aviation by 32.7% during the fourth quarter. Empowered Funds LLC now owns 13,409 shares of the company's stock valued at $109,000 after buying an additional 3,308 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Joby Aviation by 200.6% in the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company's stock worth $44,000 after buying an additional 3,320 shares in the last quarter. Finally, Tidal Investments LLC boosted its position in shares of Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company's stock worth $147,000 after acquiring an additional 3,522 shares during the last quarter. Institutional investors 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.