Needham & Company LLC Begins Coverage on Joby Aviation (NYSE:JOBY)

Equities research analysts at Needham & Company LLC initiated coverage on shares of Joby Aviation (NYSE:JOBY - Get Free Report) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The brokerage set a "buy" rating and a $8.00 price target on the stock. Needham & Company LLC's target price would suggest a potential upside of 29.03% from the company's previous close.

JOBY has been the topic of several other research reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $10.00 price target on shares of Joby Aviation in a research report 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, October 2nd. JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $6.00 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 29th. Finally, Canaccord Genuity Group reduced their target price on Joby Aviation from $10.50 to $9.75 and set a "buy" rating for the company in a report on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $8.35.

Joby Aviation Trading Up 10.5 %

Shares of JOBY stock traded up $0.59 during trading hours on Tuesday, hitting $6.20. 15,926,422 shares of the company were exchanged, compared to its average volume of 7,488,676. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of -8.64 and a beta of 1.97. The firm has a fifty day simple moving average of $5.44 and a 200 day simple moving average of $5.34. Joby Aviation has a 52-week low of $4.50 and a 52-week high of $7.69.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.28 million during the quarter, compared to analysts' expectations 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 business earned ($0.13) earnings per share. Sell-side analysts anticipate that Joby Aviation will post -0.69 EPS for the current year.

Insider Activity

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,666 shares of the company's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $5.15, for a total value of $858,329.90. Following the completion of the sale, the director now owns 59,828,059 shares of the company's stock, valued at $308,114,503.85. This represents a 0.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now directly owns 47,474 shares in the company, valued at $253,036.42. This trade represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 525,499 shares of company stock worth $2,667,151. 32.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently made changes to their positions in JOBY. Geode Capital Management LLC boosted its position in Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company's stock valued at $47,245,000 after buying an additional 670,852 shares during the period. Kensington Investment Counsel LLC lifted its position in Joby Aviation by 12.0% in the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company's stock valued at $172,000 after purchasing an additional 3,653 shares during the last quarter. EP Wealth Advisors LLC boosted its stake in shares of Joby Aviation by 15.4% during the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company's stock valued at $188,000 after purchasing an additional 5,000 shares during the period. State Street Corp grew its holdings in shares of Joby Aviation by 9.5% in the third quarter. State Street Corp now owns 9,372,636 shares of the company's stock worth $47,144,000 after purchasing an additional 812,248 shares during the last quarter. Finally, Holocene Advisors LP increased its stake in shares of Joby Aviation by 91.7% in the third quarter. Holocene Advisors LP now owns 521,327 shares of the company's stock worth $2,622,000 after buying an additional 249,375 shares during the period. Institutional investors own 45.54% of the company's stock.

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.