Joby Aviation (NYSE:JOBY) Shares Up 3.8% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was up 3.8% during mid-day trading on Wednesday . The stock traded as high as $8.62 and last traded at $8.20. Approximately 8,597,809 shares traded hands during mid-day trading, an increase of 8% from the average daily volume of 7,929,396 shares. The stock had previously closed at $7.90.

Analyst Upgrades and Downgrades

A number of research analysts have commented on JOBY shares. Canaccord Genuity Group decreased their target price 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. JPMorgan Chase & Co. cut their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Finally, Needham & Company LLC initiated coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

The business’s 50 day simple moving average is $5.65 and its 200-day simple moving average is $5.42. The stock has a market capitalization of $6.14 billion, a price-to-earnings ratio of -11.27 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate 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 business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the prior year, the business earned ($0.13) earnings per share. As a group, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insiders Place Their Bets

In related news, insider Gregory Bowles sold 7,748 shares of Joby Aviation stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the sale, the insider now directly owns 29,235 shares in the company, valued at $236,218.80. This trade represents a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Field sold 5,643 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $5.96, for a total transaction of $33,632.28. Following the completion of the transaction, the insider now directly owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. The trade was a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 535,526 shares of company stock worth $2,745,708. 32.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of JOBY. Vanguard Group Inc. increased its holdings in shares of 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 acquiring an additional 2,889,012 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Joby Aviation by 7.7% in 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 in the last quarter. State Street Corp grew its position in Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after buying an additional 812,248 shares in the last quarter. Ieq Capital LLC increased its stake in Joby Aviation by 68.6% during the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after acquiring an additional 1,807,054 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Joby Aviation by 41.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after acquiring an additional 435,069 shares in the last quarter. Institutional investors and hedge funds 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.