Joby Aviation (NYSE:JOBY) Shares Gap Up – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) gapped up before the market opened on Wednesday . The stock had previously closed at $6.18, but opened at $6.38. Joby Aviation shares last traded at $6.17, with a volume of 8,811,826 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group reissued a “buy” rating and issued a $10.50 price objective on shares of Joby Aviation in a report on Friday, October 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, October 2nd.

Joby Aviation Price Performance

The business has a fifty day simple moving average of $5.32 and a 200 day simple moving average of $5.28. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of -12.31 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.18). The business had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.28 million. During the same period in the prior year, the company posted ($0.17) EPS. On average, research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, insider Matthew Field sold 5,643 shares of Joby Aviation stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the sale, the insider now owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the sale, the chief executive officer now owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Matthew Field sold 5,643 shares of Joby Aviation stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $5.96, for a total value of $33,632.28. Following the completion of the transaction, the insider now directly owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 525,499 shares of company stock worth $2,667,151 in the last ninety days. 32.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC boosted its holdings in shares of Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after buying an additional 5,840 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after purchasing an additional 10,000 shares during the period. Integris Wealth Management LLC acquired a new stake in shares of Joby Aviation in the second quarter valued at approximately $54,000. Dakota Wealth Management acquired a new stake in shares of Joby Aviation during the second quarter worth about $56,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Joby Aviation during the second quarter worth about $57,000. 45.54% of the stock is owned by institutional investors and hedge funds.

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.