Joby Aviation (NYSE:JOBY) Shares Up 0.3% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) rose 0.3% on Wednesday . The company traded as high as $8.12 and last traded at $8.05. Approximately 2,324,208 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 13,393,235 shares. The stock had previously closed at $8.02.

Analyst Upgrades and Downgrades

JOBY has been the topic of several research analyst reports. JPMorgan Chase & Co. cut shares of Joby Aviation from a "neutral" rating to an "underweight" rating and increased their price target for the company from $5.00 to $6.00 in a research note on Friday, January 10th. Needham & Company LLC increased their price objective on Joby Aviation from $8.00 to $10.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. Canaccord Genuity Group boosted their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. Finally, HC Wainwright reiterated a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Joby Aviation has a consensus rating of "Moderate Buy" and a consensus price target of $9.30.

Joby Aviation Stock Performance

The firm's 50-day simple moving average is $8.36 and its 200 day simple moving average is $6.55. The company has a market cap of $5.93 billion, a P/E ratio of -11.06 and a beta of 2.33.

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

Insider Activity at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 333,334 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the transaction, the director now directly owns 58,661,395 shares in the company, valued at approximately $470,464,387.90. The trade was a 0.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bonny W. Simi sold 31,489 shares of Joby Aviation stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.33, for a total transaction of $262,303.37. Following the completion of the transaction, the insider now directly owns 137,097 shares in the company, valued at approximately $1,142,018.01. The trade was a 18.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,005,672 shares of company stock worth $8,537,389 in the last ninety days. Company insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its position in Joby Aviation by 28.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company's stock valued at $1,266,000 after buying an additional 55,340 shares during the last quarter. Algert Global LLC acquired a new position in Joby Aviation during the second quarter worth $90,000. Sanctuary Advisors LLC acquired a new stake in Joby Aviation in the 2nd quarter valued at $81,000. Handelsbanken Fonder AB lifted its position in Joby Aviation by 31.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 101,700 shares of the company's stock worth $512,000 after buying an additional 24,500 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its stake 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 worth $52,000 after buying an additional 10,000 shares during the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

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.