Joby Aviation (NYSE:JOBY) Trading 4% Higher – What’s Next?

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded up 4% during mid-day trading on Wednesday . The stock traded as high as $8.83 and last traded at $8.57. 11,085,603 shares were traded during mid-day trading, an increase of 29% from the average session volume of 8,617,901 shares. The stock had previously closed at $8.24.

Analyst Upgrades and Downgrades

JOBY has been the topic of a number of analyst reports. Canaccord Genuity Group lowered their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. 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 restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of 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, Needham & Company LLC began coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price on the stock. One 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, Joby Aviation presently has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Performance

The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of -10.33 and a beta of 2.32. The firm’s 50-day moving average price is $6.58 and its two-hundred day moving average price is $5.78.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data 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 company had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period in the previous year, the business posted ($0.13) earnings per share. As a group, equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In related news, Director Paul Cahill Sciarra sold 166,666 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $5.15, for a total value of $858,329.90. Following the transaction, the director now directly owns 59,828,059 shares in the company, 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 SEC, which is available at the SEC website. Also, insider Gregory Bowles sold 26,775 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $5.14, for a total transaction of $137,623.50. Following the sale, the insider now owns 18,035 shares of the company’s stock, valued at $92,699.90. The trade was a 59.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 535,506 shares of company stock valued at $2,759,533 over the last three months. 32.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of JOBY. Ieq Capital LLC grew its stake in Joby Aviation by 68.6% in the second 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. State Street Corp grew its position in shares of Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after purchasing an additional 812,248 shares during the period. Geode Capital Management LLC grew its position in shares of Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the period. Susquehanna Fundamental Investments LLC increased its stake in Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Joby Aviation by 41.8% during 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 buying an additional 435,069 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.