Joby Aviation (NYSE:JOBY) Trading 8.7% Higher - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price rose 8.7% on Friday . The stock traded as high as $7.92 and last traded at $7.86. Approximately 8,502,524 shares were traded during trading, a decline of 3% from the average daily volume of 8,766,424 shares. The stock had previously closed at $7.23.

Analysts Set New Price Targets

JOBY has been the subject of several recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday. Needham & Company LLC started coverage on Joby Aviation in a research note on Tuesday, November 19th. They set a "buy" rating and a $8.00 target price for the company. 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. Canaccord Genuity Group dropped their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a "buy" rating on the stock in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a "neutral" rating for the company in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $8.35.

Joby Aviation Stock Up 6.4 %

The stock has a 50 day moving average of $6.58 and a 200 day moving average of $5.78. The firm has a market cap of $5.88 billion, a price-to-earnings ratio of -10.99 and a beta of 2.32.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same period in the prior year, the business posted ($0.13) EPS. As a group, analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, 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 owns 18,035 shares of the company's stock, valued at $92,699.90. This represents a 59.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the transaction, the chief executive officer now owns 32,674,274 shares of the company's stock, valued at $158,470,228.90. This represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 535,506 shares of company stock valued at $2,759,533. 32.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in JOBY. Larson Financial Group LLC lifted 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 buying an additional 5,000 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company's stock worth $44,000 after acquiring an additional 5,840 shares during the period. Empowered Funds LLC bought a new stake in Joby Aviation in the third quarter valued at approximately $51,000. Sound Income Strategies LLC increased its position 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 valued at $52,000 after purchasing an additional 10,000 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Joby Aviation during the 2nd quarter worth approximately $57,000. 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.