Joby Aviation (NYSE:JOBY) Shares Up 3.8% – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) shot up 3.8% during trading on Wednesday . The stock traded as high as $8.62 and last traded at $8.20. 8,597,809 shares traded hands during mid-day trading, an increase of 8% from the average session volume of 7,929,396 shares. The stock had previously closed at $7.90.

Wall Street Analyst Weigh In

JOBY has been the subject of several research reports. JPMorgan Chase & Co. lowered their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Needham & Company LLC started coverage on Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group lowered their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, HC Wainwright restated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Stock Up 1.3 %

The business’s 50 day moving average is $5.77 and its 200 day moving average is $5.45.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter last year, the company earned ($0.13) earnings per share. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was 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 directly owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This trade represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Paul Cahill Sciarra sold 166,666 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $5.15, for a total value of $858,329.90. Following the sale, the director now owns 59,828,059 shares in the company, valued at $308,114,503.85. The trade was a 0.28 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 535,526 shares of company stock worth $2,745,708. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

A number of institutional investors have recently bought and sold shares of JOBY. Larson Financial Group LLC increased its stake in Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares in the last quarter. Nisa Investment Advisors LLC increased its position 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 acquiring an additional 5,840 shares during the period. Empowered Funds LLC purchased a new position in Joby Aviation in the 3rd quarter worth $51,000. Sound Income Strategies LLC lifted its position in Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after acquiring an additional 10,000 shares during the period. Finally, Integris Wealth Management LLC purchased a new stake in Joby Aviation during the 2nd quarter valued at about $54,000. 45.54% of the stock is currently 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.