Joby Aviation (NYSE:JOBY) Shares Gap Up – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $6.80, but opened at $6.98. Joby Aviation shares last traded at $7.17, with a volume of 6,584,013 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on JOBY shares. Canaccord Genuity Group lowered their price target on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday, October 29th. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Needham & Company LLC assumed coverage on Joby Aviation in a research note on Tuesday. They issued a “buy” rating and a $8.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. Finally, HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. One 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Performance

The company’s 50-day moving average price is $5.51 and its 200 day moving average price is $5.36. The stock has a market cap of $5.44 billion, a PE ratio of -10.01 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its 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). 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 business posted ($0.13) earnings per share. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, insider Gregory Bowles sold 26,775 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total value of $137,623.50. Following the sale, the insider now 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of the company’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 approximately $158,470,228.90. The trade was a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 525,499 shares of company stock valued at $2,667,151 over the last three months. 32.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. ProShare Advisors LLC grew its stake in shares of Joby Aviation by 8.5% during the first quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after acquiring an additional 3,942 shares during the last quarter. Vanguard Group Inc. raised its holdings in Joby Aviation by 9.1% in the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after purchasing an additional 2,889,012 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Joby Aviation by 5.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 193,322 shares of the company’s stock valued at $1,037,000 after buying an additional 10,234 shares in the last quarter. Cetera Advisors LLC increased its stake in shares of Joby Aviation by 32.9% during the first quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock worth $109,000 after purchasing an additional 5,025 shares in the last quarter. Finally, DNB Asset Management AS increased its stake in Joby Aviation by 21.1% during the 2nd quarter. DNB Asset Management AS now owns 88,906 shares of the company’s stock worth $453,000 after buying an additional 15,504 shares in the last quarter. 45.54% of the stock is owned by 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.