Joby Aviation (NYSE:JOBY) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Joby Aviation (NYSE:JOBY) had its target price lifted by investment analysts at Needham & Company LLC from $8.00 to $10.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 28.21% from the company’s previous close.

JOBY has been the subject of several other reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and increased their price objective for the company from $5.00 to $6.00 in a research report on Friday. Finally, Canaccord Genuity Group lifted their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.30.

Joby Aviation Stock Down 2.0 %

Shares of NYSE:JOBY traded down $0.16 during midday trading on Tuesday, reaching $7.80. The company had a trading volume of 7,047,495 shares, compared to its average volume of 19,035,545. The business’s 50 day moving average price is $7.70 and its 200 day moving average price is $6.24. The stock has a market cap of $5.97 billion, a PE ratio of -11.14 and a beta of 2.33. Joby Aviation has a 1-year low of $4.50 and a 1-year high of $10.72.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned ($0.13) EPS. On average, research analysts expect that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In other Joby Aviation news, CEO Joeben Bevirt sold 23,886 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total value of $192,998.88. Following the transaction, the chief executive officer now directly owns 768,293 shares of the company’s stock, valued at $6,207,807.44. This trade represents a 3.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kate Dehoff sold 27,898 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the sale, the insider now directly owns 199,413 shares of the company’s stock, valued at approximately $1,096,771.50. This trade represents a 12.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 327,343 shares of company stock valued at $3,022,680. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Salem Investment Counselors Inc. grew its holdings in shares of Joby Aviation by 5,000.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after purchasing an additional 5,000 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Joby Aviation during the third quarter worth $51,000. Sound Income Strategies LLC lifted its stake in shares of Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after acquiring an additional 10,000 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Joby Aviation by 403.0% during 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. 52.85% of the stock is currently 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.