Joby Aviation (NYSE:JOBY) Trading Up 4% - Time to Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shot up 4% during trading on Wednesday . The stock traded as high as $8.83 and last traded at $8.57. 11,085,603 shares changed hands during trading, an increase of 29% from the average session volume of 8,617,901 shares. The stock had previously closed at $8.24.

Wall Street Analyst Weigh In

JOBY has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of Joby Aviation from $6.00 to $5.00 and set a "neutral" rating for the company in a research note on Tuesday, October 29th. Cantor Fitzgerald reiterated an "overweight" rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Needham & Company LLC initiated coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They issued a "buy" rating and a $8.00 price target for the company. Finally, Canaccord Genuity Group dropped their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a "buy" rating for the company in a research report on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of "Moderate Buy" and an average price target of $8.35.

Joby Aviation Stock Performance

The company has a market capitalization of $6.07 billion, a price-to-earnings ratio of -11.34 and a beta of 2.32. The business's 50-day simple moving average is $6.50 and its 200-day simple moving average is $5.76.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data 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). 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 quarter in the prior year, the company earned ($0.13) earnings per share. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total value of $1,212,500.00. Following the transaction, the chief executive officer now owns 32,674,274 shares of the company's stock, valued at approximately $158,470,228.90. This trade represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 535,506 shares of company stock valued at $2,759,533 in the last 90 days. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Larson Financial Group LLC lifted its position 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 acquiring an additional 5,000 shares during the last quarter. Nisa Investment Advisors LLC boosted its position 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 valued at $44,000 after acquiring an additional 5,840 shares during the period. Empowered Funds LLC acquired a new position in shares of Joby Aviation in the third quarter valued at about $51,000. Sound Income Strategies LLC lifted its position in shares of 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 acquiring an additional 10,000 shares during the period. Finally, Dakota Wealth Management acquired a new stake in shares of Joby Aviation during the 2nd quarter worth approximately $56,000. 52.85% of the stock is owned by 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.