Joby Aviation (NYSE:JOBY) Trading 1.1% Higher – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY) traded up 1.1% during trading on Wednesday . The stock traded as high as $6.59 and last traded at $6.25. 10,377,198 shares were traded during mid-day trading, an increase of 67% from the average session volume of 6,200,235 shares. The stock had previously closed at $6.18.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. Canaccord Genuity Group restated a “buy” rating and set a $10.50 price objective on shares of Joby Aviation in a research report on Friday, October 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th.

Joby Aviation Stock Performance

The stock’s 50-day simple moving average is $5.28 and its 200-day simple moving average is $5.26. The firm has a market capitalization of $4.28 billion, a PE ratio of -8.22 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting the consensus estimate of ($0.18). The business had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.28 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. As a group, analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the completion of the sale, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the completion of the sale, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at $158,470,228.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kate Dehoff sold 27,898 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the completion of the sale, the insider now directly owns 199,413 shares of the company’s stock, valued at $1,096,771.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 525,499 shares of company stock valued at $2,667,151 in the last three months. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Joby Aviation by 9.1% during the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after acquiring an additional 2,889,012 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Joby Aviation during the first quarter worth approximately $15,357,000. Ieq Capital LLC grew its holdings in 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 buying an additional 1,807,054 shares in the last quarter. Susquehanna Fundamental Investments LLC raised its holdings in shares of 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 acquiring an additional 616,579 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of 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 valued at $7,521,000 after acquiring an additional 435,069 shares during the last quarter. 45.54% of the stock is owned by hedge funds and other institutional investors.

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.