Joby Aviation (NYSE:JOBY) Given New $5.00 Price Target at JPMorgan Chase & Co.

Joby Aviation (NYSE:JOBY) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $6.00 to $5.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 28.52% from the company’s current price.

Other analysts have also issued reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Thursday. Canaccord Genuity Group upped their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Stock Performance

NYSE:JOBY opened at $7.00 on Thursday. Joby Aviation has a 52-week low of $4.50 and a 52-week high of $10.72. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of -9.99 and a beta of 2.33. The business’s fifty day moving average is $8.14 and its 200 day moving average is $6.72.

Insiders Place Their Bets

In other news, insider Kate Dehoff sold 6,903 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $7.43, for a total value of $51,289.29. Following the completion of the transaction, the insider now directly owns 202,276 shares in the company, valued at approximately $1,502,910.68. This represents a 3.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Didier Papadopoulos sold 6,005 shares of the company’s stock in a transaction dated 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. The trade was a 9.88 % 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 worth $8,628,124 in the last ninety days. 32.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC grew its position in Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after acquiring an additional 5,000 shares during the last quarter. Whittier Trust Co. bought a new position in Joby Aviation during the 4th quarter worth approximately $38,000. Salem Investment Counselors Inc. grew its position in Joby Aviation by 5,000.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock worth $41,000 after acquiring an additional 5,000 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new position in Joby Aviation during the 4th quarter worth approximately $41,000. Finally, Toronto Dominion Bank bought a new position in Joby Aviation during the 4th quarter worth approximately $41,000. 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.