Joby Aviation (NYSE:JOBY) Trading 6.9% Higher – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) shot up 6.9% during mid-day trading on Wednesday . The company traded as high as $8.41 and last traded at $8.39. 6,180,594 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 8,218,862 shares. The stock had previously closed at $7.85.

Analysts Set New Price Targets

A number of analysts have commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. dropped 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. Canaccord Genuity Group reduced their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Needham & Company LLC began coverage on Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have given 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 Performance

The stock has a market cap of $6.19 billion, a price-to-earnings ratio of -11.56 and a beta of 2.32. The business’s 50 day moving average is $6.08 and its 200-day moving average is $5.56.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS 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 firm had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, insider Didier Papadopoulos sold 6,025 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the transaction, the insider now directly owns 47,474 shares in the company, valued at $253,036.42. The trade was a 11.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Gregory Bowles sold 7,748 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total transaction of $62,603.84. Following the sale, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This represents a 20.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 535,526 shares of company stock worth $2,745,708. 32.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in JOBY. Geode Capital Management LLC raised its position in Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the period. State Street Corp increased its position in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after purchasing an additional 812,248 shares during the last quarter. Ieq Capital LLC lifted its position in Joby Aviation by 68.6% in the second 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 during the last quarter. Bank of New York Mellon Corp lifted its position in Joby Aviation by 41.8% in the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after buying an additional 435,069 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC boosted its stake in Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after buying an additional 616,579 shares during the period. 45.54% of the stock is currently owned by institutional investors and hedge funds.

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.