Joby Aviation (NYSE:JOBY) Shares Up 4.7% Following Analyst Upgrade

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price rose 4.7% during trading on Wednesday after Needham & Company LLC raised their price target on the stock from $8.00 to $10.00. Needham & Company LLC currently has a buy rating on the stock. Joby Aviation traded as high as $8.49 and last traded at $8.23. Approximately 5,609,354 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 18,065,621 shares. The stock had previously closed at $7.86.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. downgraded shares of Joby Aviation from a "neutral" rating to an "underweight" rating and lifted their target price for the stock from $5.00 to $6.00 in a research note on Friday, January 10th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. HC Wainwright reaffirmed a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, Canaccord Genuity Group boosted their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $9.30.

Insider Activity at Joby Aviation

In related news, insider Didier Papadopoulos sold 7,692 shares of the company's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the transaction, the insider now owns 50,902 shares in the company, valued at $509,020. This represents a 13.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gregory Bowles sold 7,748 shares of Joby Aviation stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.08, for a total transaction of $62,603.84. Following the completion of the sale, the insider now owns 29,235 shares in the company, valued at approximately $236,218.80. This trade represents a 20.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 638,982 shares of company stock valued at $5,586,157. Insiders own 32.40% of the company's stock.

Institutional Trading of Joby Aviation

Several large investors have recently bought and sold shares of JOBY. Salem Investment Counselors Inc. boosted its position in shares of Joby Aviation by 5,000.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock valued at $41,000 after purchasing an additional 5,000 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company's stock valued at $37,000 after buying an additional 5,000 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Joby Aviation in the 3rd quarter worth about $51,000. Sound Income Strategies LLC increased its stake in shares of Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company's stock worth $52,000 after acquiring an additional 10,000 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in Joby Aviation by 403.0% during the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company's stock valued at $58,000 after acquiring an additional 9,188 shares during the period. 52.85% of the stock is owned by institutional investors.

Joby Aviation Stock Up 3.1 %

The stock's fifty day simple moving average is $7.81 and its two-hundred day simple moving average is $6.27. The firm has a market cap of $6.20 billion, a PE ratio of -11.57 and a beta of 2.33.

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

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.