Joby Aviation (NYSE:JOBY) Stock Price Up 8.7% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares were up 8.7% on Tuesday . The stock traded as high as $8.73 and last traded at $8.15. Approximately 24,039,570 shares traded hands during trading, an increase of 88% from the average daily volume of 12,816,595 shares. The stock had previously closed at $7.50.

Wall Street Analyst Weigh In

JOBY has been the subject of several recent analyst reports. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, February 27th. Morgan Stanley reiterated an “equal weight” rating and issued a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, April 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.67.

Joby Aviation Stock Up 6.9%

The firm’s fifty day moving average price is $6.47 and its 200 day moving average price is $7.27. The stock has a market cap of $6.35 billion, a PE ratio of -11.46 and a beta of 2.34.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the prior year, the firm earned ($0.14) earnings per share. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In related news, Director Motor Corp/ Toyota acquired 49,701,790 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average price of $5.03 per share, for a total transaction of $250,000,003.70. Following the acquisition, the director now directly owns 122,573,621 shares of the company’s stock, valued at $616,545,313.63. This represents a 68.20% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bonny W. Simi sold 9,695 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.78, for a total transaction of $65,732.10. Following the completion of the transaction, the insider now owns 146,941 shares in the company, valued at $996,259.98. This represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 753,726 shares of company stock worth $4,658,913. Insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

A number of large investors have recently modified their holdings of JOBY. GAMMA Investing LLC increased its holdings in Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock worth $34,000 after purchasing an additional 5,015 shares during the period. Strs Ohio purchased a new position in shares of Joby Aviation during the first quarter valued at $37,000. Whittier Trust Co. purchased a new position in shares of Joby Aviation during the fourth quarter valued at $38,000. Compagnie Lombard Odier SCmA purchased a new stake in Joby Aviation in the fourth quarter worth about $41,000. Finally, Toronto Dominion Bank bought a new position in Joby Aviation during the 4th quarter worth about $41,000. Hedge funds and other 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.