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

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target 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. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, October 2nd. Needham & Company LLC started coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. Finally, Canaccord Genuity Group cut their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Performance

The stock has a market cap of $6.12 billion, a P/E ratio of -11.27 and a beta of 1.97. The business’s 50-day moving average price is $5.65 and its 200-day moving average price is $5.42.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share 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 analysts’ expectations 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 firm earned ($0.13) earnings per share. As a group, equities research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In other news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the completion of the transaction, the chief executive officer now owns 32,674,274 shares in the company, valued at $158,470,228.90. This trade represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $5.14, for a total value of $137,623.50. Following the completion of the sale, 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 535,526 shares of company stock valued at $2,745,708 over the last 90 days. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently bought and sold shares of the business. Larson Financial Group LLC raised its position in Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares during the period. Nisa Investment Advisors LLC raised its holdings in Joby Aviation by 216.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after buying an additional 5,840 shares during the period. Empowered Funds LLC bought a new stake in Joby Aviation in the third quarter worth $51,000. Sound Income Strategies LLC lifted its position 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 worth $52,000 after buying an additional 10,000 shares during the last quarter. Finally, Integris Wealth Management LLC purchased a new position in Joby Aviation during the second quarter worth $54,000. Hedge funds and other institutional investors 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.