Joby Aviation (NYSE:JOBY) Trading 10.7% Higher – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s share price shot up 10.7% on Monday . The company traded as high as $7.99 and last traded at $7.85. 16,347,164 shares were traded during mid-day trading, an increase of 111% from the average session volume of 7,761,757 shares. The stock had previously closed at $7.09.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. 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 set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Needham & Company LLC initiated coverage on Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Finally, Canaccord Genuity Group lowered their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

The firm has a fifty day simple moving average of $5.65 and a 200 day simple moving average of $5.42. The company has a market capitalization of $6.12 billion, a PE ratio of -11.27 and a beta of 1.97.

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). The firm had revenue of $0.28 million for 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 previous year, the company posted ($0.13) EPS. Research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Matthew Field sold 5,643 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the completion of the sale, the insider now directly owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. This represents a 1.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Gregory Bowles sold 7,748 shares of Joby Aviation stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total transaction of $62,603.84. Following the completion of the transaction, the insider now directly owns 29,235 shares in the company, valued at approximately $236,218.80. The trade was a 20.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 535,526 shares of company stock valued at $2,745,708. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Joby Aviation by 9.1% in the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after purchasing an additional 2,889,012 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after buying an additional 670,852 shares during the period. State Street Corp grew its holdings in shares of Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after buying an additional 812,248 shares during the last quarter. Ieq Capital LLC increased its position in shares of Joby Aviation by 68.6% in the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after acquiring an additional 1,807,054 shares during the period. Finally, Bank of New York Mellon Corp raised its stake 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 worth $7,521,000 after acquiring an additional 435,069 shares during the last quarter. 45.54% of the stock is currently 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.