Joby Aviation (NYSE:JOBY) Shares Up 2.8% - Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price rose 2.8% during mid-day trading on Wednesday . The company traded as high as $5.61 and last traded at $5.48. Approximately 2,463,005 shares changed hands during trading, a decline of 78% from the average daily volume of 11,051,993 shares. The stock had previously closed at $5.33.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on JOBY shares. Canaccord Genuity Group raised their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Cantor Fitzgerald restated an "overweight" rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a report on Friday. Needham & Company LLC reissued a "buy" rating and set a $10.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Joby Aviation presently has a consensus rating of "Moderate Buy" and an average price target of $8.58.

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Joby Aviation Stock Performance

The company has a market capitalization of $4.66 billion, a P/E ratio of -8.45 and a beta of 2.35. The business's fifty day simple moving average is $6.62 and its 200-day simple moving average is $6.96.

Insider Transactions at Joby Aviation

In other Joby Aviation news, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.00, for a total value of $2,666,656.00. Following the sale, the director now owns 58,994,729 shares of the company's stock, valued at $471,957,832. The trade was a 0.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction that occurred 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 transaction, the insider now 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 1,171,610 shares of company stock valued at $8,602,385. 32.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Whittier Trust Co. purchased a new position in Joby Aviation in the fourth quarter worth about $38,000. Salem Investment Counselors Inc. boosted its holdings in shares of Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock worth $41,000 after purchasing an additional 5,000 shares during the period. Compagnie Lombard Odier SCmA bought a new position in shares of Joby Aviation during the 4th quarter valued at approximately $41,000. Toronto Dominion Bank purchased a new stake in Joby Aviation during the 4th quarter valued at $41,000. Finally, Carolinas Wealth Consulting LLC bought a new stake in Joby Aviation in the fourth quarter worth $41,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.