Joby Aviation (NYSE:JOBY) Trading 6.3% Higher – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY) shot up 6.3% during mid-day trading on Tuesday . The stock traded as high as $8.35 and last traded at $8.33. 8,134,651 shares changed hands during trading, a decline of 38% from the average session volume of 13,099,999 shares. The stock had previously closed at $7.83.

Analyst Ratings Changes

Several brokerages have issued reports on JOBY. Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and increased their target price for the company from $5.00 to $6.00 in a research report on Friday, January 10th. Needham & Company LLC increased their target price on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Stock Performance

The firm has a fifty day moving average price of $8.29 and a 200 day moving average price of $6.62. The stock has a market cap of $6.06 billion, a PE ratio of -11.31 and a beta of 2.33.

Insider Activity

In related news, insider Gregory Bowles sold 7,748 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the transaction, the insider now owns 29,235 shares in the company, valued at $236,218.80. This trade represents a 20.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the transaction, the insider now owns 54,776 shares of the company’s stock, valued at $419,036.40. This trade represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,025,284 shares of company stock worth $8,683,241. Insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Toyota Motor Corp purchased a new position in Joby Aviation in the 4th quarter worth $640,259,000. Baillie Gifford & Co. raised its stake in Joby Aviation by 4.3% in the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after acquiring an additional 2,281,161 shares during the last quarter. Vanguard Group Inc. raised its stake in Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock worth $380,163,000 after acquiring an additional 6,388,232 shares during the last quarter. Uber Technologies Inc purchased a new position in Joby Aviation in the 4th quarter worth $207,842,000. Finally, Geode Capital Management LLC grew its position in Joby Aviation by 8.7% during the 4th quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock worth $83,015,000 after purchasing an additional 817,638 shares during the period. Hedge funds and other institutional investors own 52.85% 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.