Joby Aviation (NYSE:JOBY) Shares Gap Up – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY) gapped up before the market opened on Friday . The stock had previously closed at $6.80, but opened at $6.98. Joby Aviation shares last traded at $7.17, with a volume of 6,584,013 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, October 2nd. Needham & Company LLC assumed coverage on Joby Aviation in a research note on Tuesday. They set a “buy” rating and a $8.00 price objective on the stock. JPMorgan Chase & Co. reduced their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. Canaccord Genuity Group reduced their price target on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Up 4.6 %

The firm has a market cap of $5.44 billion, a PE ratio of -10.01 and a beta of 1.97. The business has a 50-day moving average price of $5.51 and a two-hundred day moving average price of $5.36.

Joby Aviation (NYSE:JOBY) last posted its quarterly 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). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The company had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same period in the prior year, the business earned ($0.13) EPS. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 6,025 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the transaction, the insider now directly owns 47,474 shares of the company’s stock, valued at approximately $253,036.42. This trade represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the transaction, the insider now owns 18,035 shares of the company’s stock, valued at approximately $92,699.90. The trade was a 59.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 525,499 shares of company stock valued at $2,667,151 over the last ninety days. Insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

A number of hedge funds have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC grew its stake in Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after buying an additional 616,579 shares during the period. Rhumbline Advisers raised its stake in shares of Joby Aviation by 26.7% in the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after acquiring an additional 115,483 shares during the period. Vanguard Group Inc. boosted its position in Joby Aviation by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after purchasing an additional 2,889,012 shares during the period. ProShare Advisors LLC increased its holdings in Joby Aviation by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock valued at $269,000 after purchasing an additional 3,942 shares in the last quarter. Finally, Cetera Advisors LLC raised its position in Joby Aviation by 32.9% in the first quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock valued at $109,000 after purchasing an additional 5,025 shares during the period. 45.54% of the stock is owned by institutional investors and hedge funds.

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.