Joby Aviation (NYSE:JOBY) Trading Up 3.8% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price rose 3.8% during trading on Thursday . The company traded as high as $6.42 and last traded at $6.40. Approximately 3,196,905 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 11,425,622 shares. The stock had previously closed at $6.16.

Analyst Upgrades and Downgrades

JOBY has been the subject of a number of analyst reports. Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a report on Wednesday, January 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Morgan Stanley reissued an "equal weight" rating and issued a $7.00 price target (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. HC Wainwright reaffirmed a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Joby Aviation currently has an average rating of "Moderate Buy" and an average price target of $8.58.

Joby Aviation Trading Up 4.2 %

The company has a market capitalization of $5.06 billion, a PE ratio of -9.18 and a beta of 2.35. The firm has a 50 day simple moving average of $6.34 and a two-hundred day simple moving average of $6.98.

Insider Buying and Selling at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 333,334 shares of Joby Aviation stock in a transaction that occurred on Monday, February 3rd. The shares were 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 directly owns 58,661,395 shares in the company, valued at approximately $470,464,387.90. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 10,785 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total value of $80,132.55. Following the completion of the transaction, the chief executive officer now directly owns 793,036 shares of the company's stock, valued at $5,892,257.48. The trade was a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,002,161 shares of company stock valued at $6,781,863. 32.40% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

Several large investors have recently bought and sold shares of JOBY. Toyota Motor Corp acquired a new position in shares of Joby Aviation in the fourth quarter worth $640,259,000. Baillie Gifford & Co. grew its holdings in Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company's stock valued at $447,412,000 after purchasing an additional 2,281,161 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock valued at $380,163,000 after purchasing an additional 6,388,232 shares during the last quarter. Uber Technologies Inc purchased a new position in shares of Joby Aviation in the 4th quarter worth about $207,842,000. Finally, Geode Capital Management LLC increased its position in shares of Joby Aviation by 8.7% in the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company's stock worth $83,015,000 after acquiring an additional 817,638 shares in the last quarter. Institutional investors and hedge funds own 52.85% of the company's stock.

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.

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