Joby Aviation (NYSE:JOBY) Trading 2.6% Higher – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s share price rose 2.6% during trading on Monday . The company traded as high as $6.86 and last traded at $6.82. Approximately 3,643,454 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 10,670,306 shares. The stock had previously closed at $6.64.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on JOBY shares. Canaccord Genuity Group increased their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. JPMorgan Chase & Co. dropped 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, February 27th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Stock Performance

The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of -9.66 and a beta of 2.35. The business has a fifty day moving average of $7.41 and a two-hundred day moving average of $6.88.

Insider Activity

In other news, insider Bonny W. Simi sold 31,489 shares of Joby Aviation stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the sale, the insider now directly owns 137,097 shares of the company’s stock, valued at approximately $1,142,018.01. This trade represents a 18.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Joeben Bevirt sold 23,886 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the transaction, the chief executive officer now owns 768,293 shares of the company’s stock, valued at approximately $6,207,807.44. This trade represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,015,470 shares of company stock worth $8,600,479. Insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in JOBY. Toyota Motor Corp acquired a new position in Joby Aviation during the 4th quarter valued at about $640,259,000. Uber Technologies Inc purchased a new position in Joby Aviation during the 4th quarter worth $207,842,000. Vanguard Group Inc. lifted its position in shares of Joby Aviation by 15.8% during the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after purchasing an additional 6,388,232 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock worth $34,634,000 after buying an additional 3,272,597 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its holdings in shares of 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 buying an additional 2,281,161 shares during the last quarter. 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.