Joby Aviation (NYSE:JOBY) Trading 4.7% Higher After Analyst Upgrade

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock 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 trading, a decline of 69% from the average daily volume of 18,065,621 shares. The stock had previously closed at $7.86.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered 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 report on Friday, January 10th. Canaccord Genuity Group lifted their price objective on Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a report on Wednesday, January 8th. Cantor Fitzgerald restated an "overweight" rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Finally, HC Wainwright reiterated a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $9.30.

Insider Buying and Selling

In related news, insider Didier Papadopoulos sold 6,005 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the transaction, the insider now owns 54,776 shares of the company's stock, valued at approximately $419,036.40. This trade represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Gregory Bowles sold 7,748 shares of the company's stock in a transaction that occurred 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 sale, the insider now directly owns 29,235 shares of the company's stock, valued at approximately $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 640,849 shares of company stock valued at $5,601,747 over the last 90 days. Company insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

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

Joby Aviation Stock Up 3.4 %

The stock has a market capitalization of $6.41 billion, a PE ratio of -11.96 and a beta of 2.33. The stock's 50 day moving average price is $7.88 and its 200-day moving average price is $6.29.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results 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). The firm had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the prior year, the company posted ($0.13) EPS. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current 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.