Joby Aviation (NYSE:JOBY) Stock Price Up 7.8% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price shot up 7.8% during mid-day trading on Tuesday . The company traded as high as $6.13 and last traded at $6.05. 7,676,399 shares traded hands during trading, an increase of 3% from the average session volume of 7,445,854 shares. The stock had previously closed at $5.61.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on JOBY. Needham & Company LLC started coverage on shares of Joby Aviation in a research report on Tuesday. They set a "buy" rating and a $8.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a "neutral" rating for the company in a report on Tuesday, October 29th. Canaccord Genuity Group cut their target price on Joby Aviation from $10.50 to $9.75 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Finally, HC Wainwright restated a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $8.35.

Joby Aviation Trading Up 10.5 %

The company has a market cap of $4.74 billion, a PE ratio of -8.64 and a beta of 1.97. The business's 50 day moving average is $5.44 and its two-hundred day moving average is $5.34.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm had revenue of $0.28 million for 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 quarter in the previous year, the company posted ($0.13) earnings per share. As a group, equities research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the completion of the transaction, the insider now directly owns 47,474 shares of the company's stock, valued at $253,036.42. The trade was a 11.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gregory Bowles sold 26,775 shares of the company's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $5.14, for a total value of $137,623.50. Following the completion of the transaction, the insider now directly owns 18,035 shares of the company's stock, valued at $92,699.90. The trade was a 59.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 525,499 shares of company stock worth $2,667,151 in the last 90 days. 32.40% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

Large investors have recently made changes to their positions in the company. Larson Financial Group LLC boosted its stake in Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company's stock worth $37,000 after buying an additional 5,000 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Joby Aviation by 216.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company's stock worth $44,000 after purchasing an additional 5,840 shares during the period. Empowered Funds LLC purchased a new stake in Joby Aviation during the 3rd quarter worth about $51,000. Sound Income Strategies LLC increased its holdings in Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company's stock worth $52,000 after purchasing an additional 10,000 shares during the period. Finally, Integris Wealth Management LLC purchased a new position in shares of Joby Aviation in the 2nd quarter valued at about $54,000. 45.54% of the stock is currently owned by hedge funds and other institutional investors.

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.

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