Joby Aviation (NYSE:JOBY) Sees Unusually-High Trading Volume – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) saw strong trading volume on Monday . 5,365,316 shares changed hands during trading, a decline of 37% from the previous session’s volume of 8,501,820 shares.The stock last traded at $7.59 and had previously closed at $7.78.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Canaccord Genuity Group lowered their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Needham & Company LLC assumed coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Joby Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Up 2.4 %

The stock has a market cap of $6.10 billion, a P/E ratio of -10.97 and a beta of 2.32. The business’s 50-day simple moving average is $6.41 and its two-hundred day simple moving average is $5.71.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) 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 firm had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. During the same quarter last year, the business posted ($0.13) earnings per share. Analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,666 shares of Joby Aviation stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the transaction, the director now directly owns 59,828,059 shares of the company’s stock, valued at approximately $308,114,503.85. This trade represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction that occurred on 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 directly owns 18,035 shares in the company, valued at $92,699.90. This trade represents a 59.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 529,501 shares of company stock worth $2,713,595 over the last three months. 32.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in JOBY. Larson Financial Group LLC boosted its holdings in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after acquiring an additional 5,000 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares in the last quarter. Empowered Funds LLC bought a new stake in Joby Aviation in the third quarter valued at $51,000. Sound Income Strategies LLC boosted its holdings in Joby Aviation by 3,311.3% in the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Dakota Wealth Management bought a new stake in shares of Joby Aviation during the 2nd quarter valued at $56,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.