Joby Aviation (NYSE:JOBY) Trading 4.3% Higher – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price was up 4.3% during trading on Tuesday . The stock traded as high as $10.72 and last traded at $10.25. Approximately 14,712,802 shares changed hands during trading, a decline of 20% from the average daily volume of 18,375,598 shares. The stock had previously closed at $9.83.

Analyst Ratings Changes

JOBY has been the topic of a number of research analyst reports. Needham & Company LLC started coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price on the stock. Canaccord Genuity Group raised their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. cut their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. One equities research 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, Joby Aviation currently has an average rating of “Moderate Buy” and an average target price of $8.70.

Joby Aviation Trading Down 7.3 %

The stock has a market capitalization of $7.28 billion, a P/E ratio of -13.60 and a beta of 2.33. The stock’s fifty day moving average price is $7.46 and its two-hundred day moving average price is $6.15.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The business had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Eric Allison sold 27,817 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $5.56, for a total transaction of $154,662.52. Following the completion of the transaction, the insider now owns 463,151 shares in the company, valued at $2,575,119.56. This represents a 5.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction on Monday, January 6th. The shares were sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the completion of the sale, the chief executive officer now owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 355,160 shares of company stock worth $3,177,342 in the last ninety days. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently modified their holdings of the stock. Larson Financial Group LLC grew 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 worth $37,000 after purchasing an additional 5,000 shares during the period. Empowered Funds LLC bought a new stake in shares of Joby Aviation during the third quarter valued at approximately $51,000. Sound Income Strategies LLC raised its holdings in Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after acquiring an additional 10,000 shares during the last quarter. International Assets Investment Management LLC lifted its position in Joby Aviation by 403.0% in the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after acquiring an additional 9,188 shares in the last quarter. Finally, Choreo LLC purchased a new stake in Joby Aviation during the 2nd quarter valued at $60,000. Institutional investors 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.