Joby Aviation (NYSE:JOBY) Trading 4.9% Higher - Here's Why

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on JOBY shares. Canaccord Genuity Group lifted their target price on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a "neutral" rating to an "underweight" rating and boosted their price objective for the stock from $5.00 to $6.00 in a research 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 company a "buy" rating in a research report on Tuesday, January 14th. Finally, HC Wainwright reissued a "buy" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, Joby Aviation currently has a consensus rating of "Moderate Buy" and an average target price of $9.30.

Joby Aviation Stock Performance

The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of -11.81 and a beta of 2.33. The business has a fifty day moving average of $8.39 and a two-hundred day moving average of $6.51.

Joby Aviation (NYSE:JOBY - Get Free Report) last released 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 company had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period in the prior year, the company earned ($0.13) earnings per share. As a group, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Didier Papadopoulos sold 7,692 shares of the firm's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $10.00, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joeben Bevirt sold 23,886 shares of the company's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total transaction of $192,998.88. Following the sale, the chief executive officer now directly owns 768,293 shares of the company's stock, valued at $6,207,807.44. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 672,338 shares of company stock valued at $5,864,050 in the last ninety days. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its stake in Joby Aviation by 28.7% in the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company's stock valued at $1,266,000 after buying an additional 55,340 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Joby Aviation in the 2nd quarter valued at approximately $90,000. EP Wealth Advisors LLC acquired a new position in Joby Aviation during the 2nd quarter worth approximately $165,000. Sanctuary Advisors LLC bought a new position in Joby Aviation in the 2nd quarter valued at approximately $81,000. Finally, Handelsbanken Fonder AB boosted its position in Joby Aviation by 31.7% in the third quarter. Handelsbanken Fonder AB now owns 101,700 shares of the company's stock valued at $512,000 after buying an additional 24,500 shares in the last quarter. 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.