Joby Aviation (NYSE:JOBY) Stock Price Up 1.3% – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded up 1.3% during mid-day trading on Thursday . The stock traded as high as $8.62 and last traded at $8.00. 19,376,426 shares were traded during mid-day trading, an increase of 143% from the average session volume of 7,983,466 shares. The stock had previously closed at $7.90.

Analysts Set New Price Targets

Several research firms recently weighed in on JOBY. JPMorgan Chase & Co. reduced their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, October 2nd. Canaccord Genuity Group decreased their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. Finally, Needham & Company LLC assumed 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. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Up 11.9 %

The firm has a market cap of $6.85 billion, a price-to-earnings ratio of -12.79 and a beta of 1.97. The company has a 50 day moving average of $5.84 and a 200 day moving average of $5.48.

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). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same period in the previous year, the company earned ($0.13) earnings per share. As a group, equities research analysts expect 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 Joby Aviation news, insider Gregory Bowles sold 26,775 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the sale, the insider now owns 18,035 shares in the company, valued at $92,699.90. This represents a 59.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Matthew Field sold 5,643 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 293,143 shares of the company’s stock, valued at $1,747,132.28. This trade represents a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 535,526 shares of company stock worth $2,745,708 in the last ninety days. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Joby Aviation by 9.1% during the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after purchasing an additional 2,889,012 shares during the last quarter. Geode Capital Management LLC increased its position in Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after buying an additional 670,852 shares during the period. State Street Corp increased its position in Joby Aviation by 9.5% in the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after buying an additional 812,248 shares during the period. Ieq Capital LLC boosted its holdings in shares of Joby Aviation by 68.6% during the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after acquiring an additional 1,807,054 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after acquiring an additional 435,069 shares during the last quarter. Institutional investors and hedge funds own 45.54% 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.