Joby Aviation (NYSE:JOBY) Shares Up 0.4% - Here's Why

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) rose 0.4% during trading on Thursday . The company traded as high as $6.00 and last traded at $5.82. Approximately 4,168,677 shares changed hands during trading, a decline of 63% from the average daily volume of 11,288,155 shares. The stock had previously closed at $5.79.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on JOBY shares. Morgan Stanley restated an "equal weight" rating and issued a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. 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. JPMorgan Chase & Co. dropped their price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Joby Aviation has a consensus rating of "Moderate Buy" and a consensus target price of $8.58.

Joby Aviation Stock Up 1.3 %

The stock has a market capitalization of $4.62 billion, a PE ratio of -8.38 and a beta of 2.35. The business's fifty day moving average is $6.43 and its two-hundred day moving average is $6.98.

Insider Activity

In other Joby Aviation news, insider Bonny W. Simi sold 9,695 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $65,732.10. Following the transaction, the insider now owns 146,941 shares in the company, valued at $996,259.98. The trade was a 6.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul Cahill Sciarra sold 333,334 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $8.02, for a total transaction of $2,673,338.68. Following the completion of the sale, the director now owns 58,661,395 shares of the company's stock, valued at $470,464,387.90. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 823,112 shares of company stock worth $5,754,922. 32.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Joby Aviation

Several institutional investors have recently added to or reduced their stakes in JOBY. State Street Corp boosted its holdings in Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company's stock valued at $47,144,000 after acquiring an additional 812,248 shares during the period. Geode Capital Management LLC increased its stake in Joby Aviation by 7.7% in 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 during the period. Tidal Investments LLC lifted its holdings in Joby Aviation by 13.7% during 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 in the last quarter. Everence Capital Management Inc. bought a new position in Joby Aviation in the 4th quarter worth about $142,000. Finally, Watts Gwilliam & Co. LLC bought a new stake in shares of Joby Aviation during the fourth quarter valued at approximately $154,000. Institutional investors 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.