Joby Aviation (NYSE:JOBY) Trading Up 1.2% – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) rose 1.2% during trading on Thursday . The stock traded as high as $6.27 and last traded at $5.97. Approximately 6,176,316 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 7,373,026 shares. The stock had previously closed at $5.90.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, October 2nd. Canaccord Genuity Group decreased their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. JPMorgan Chase & Co. cut their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th.

Joby Aviation Trading Up 1.9 %

The company’s 50-day moving average is $5.39 and its two-hundred day moving average is $5.33. The stock has a market capitalization of $4.30 billion, a P/E ratio of -8.53 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million during the quarter, compared to the consensus estimate 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 company earned ($0.13) EPS. Sell-side analysts expect that Joby Aviation, Inc. will post -0.68 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Didier Papadopoulos sold 6,025 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the sale, the insider now owns 47,474 shares in the company, valued at approximately $253,036.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Joby Aviation news, insider Didier Papadopoulos sold 6,025 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was 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 of the company’s stock, valued at $253,036.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $5.14, for a total transaction of $137,623.50. Following the completion of the sale, the insider now owns 18,035 shares of the company’s stock, valued at $92,699.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 525,499 shares of company stock valued at $2,667,151. 32.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC grew its position in shares of Joby Aviation by 84.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock worth $1,084,000 after buying an additional 92,508 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Joby Aviation during the 1st quarter worth $324,000. ProShare Advisors LLC lifted its holdings in Joby Aviation by 8.5% during the first quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after acquiring an additional 3,942 shares in the last quarter. Vanguard Group Inc. grew its stake in Joby Aviation by 9.1% in the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after acquiring an additional 2,889,012 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Joby Aviation in the first quarter worth about $15,357,000. 45.54% of the stock is 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.