Cantor Fitzgerald Reaffirms Overweight Rating for Joby Aviation (NYSE:JOBY)

Joby Aviation (NYSE:JOBY)‘s stock had its “overweight” rating restated by equities researchers at Cantor Fitzgerald in a research report issued on Thursday,Benzinga reports. They presently have a $9.00 price objective on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 28.66% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Thursday. Canaccord Genuity Group increased their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Stock Performance

Shares of Joby Aviation stock opened at $7.00 on Thursday. The company has a 50-day simple moving average of $8.14 and a two-hundred day simple moving average of $6.72. The stock has a market capitalization of $5.35 billion, a PE ratio of -9.99 and a beta of 2.33. Joby Aviation has a 52-week low of $4.50 and a 52-week high of $10.72.

Insider Activity

In related news, insider Didier Papadopoulos sold 6,005 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the sale, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kate Dehoff sold 6,903 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total transaction of $51,289.29. Following the sale, the insider now directly owns 202,276 shares of the company’s stock, valued at approximately $1,502,910.68. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,018,699 shares of company stock valued at $8,628,124 in the last ninety days. 32.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Intech Investment Management LLC bought a new position in Joby Aviation in the 3rd quarter worth $518,000. Rheos Capital Works Inc. increased its position in Joby Aviation by 17.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock worth $19,553,000 after buying an additional 350,000 shares in the last quarter. Fred Alger Management LLC raised its stake in shares of Joby Aviation by 89.4% in the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after buying an additional 58,229 shares during the period. Hamilton Lane Advisors LLC purchased a new position in shares of Joby Aviation during the 4th quarter valued at about $418,000. Finally, Entropy Technologies LP bought a new position in shares of Joby Aviation during the 4th quarter valued at approximately $300,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.