Joby Aviation (NYSE:JOBY) Trading Up 5.6% – Here’s What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY) rose 5.6% on Friday . The company traded as high as $7.94 and last traded at $7.99. Approximately 4,791,801 shares traded hands during trading, a decline of 63% from the average daily volume of 13,052,246 shares. The stock had previously closed at $7.56.

Analyst Ratings Changes

JOBY has been the subject of a number of recent research reports. Canaccord Genuity Group reiterated a “buy” rating and issued a $12.00 target price on shares of Joby Aviation in a report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Monday, May 5th. HC Wainwright reiterated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, April 30th. Needham & Company LLC restated a “buy” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. cut their price target on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.67.

Joby Aviation Stock Up 7.8%

The firm has a market cap of $6.45 billion, a PE ratio of -11.64 and a beta of 2.39. The stock has a 50 day moving average price of $6.61 and a two-hundred day moving average price of $7.32.

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

Insider Transactions at Joby Aviation

In other news, Director Motor Corp/ Toyota acquired 49,701,790 shares of Joby Aviation stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $5.03 per share, for a total transaction of $250,000,003.70. Following the completion of the purchase, the director now directly owns 122,573,621 shares in the company, valued at $616,545,313.63. This trade represents a 68.20% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul Cahill Sciarra sold 166,667 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $1,130,002.26. Following the completion of the sale, the director now owns 58,494,728 shares in the company, valued at approximately $396,594,255.84. This represents a 0.28% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 750,950 shares of company stock worth $4,640,619. Company insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the business. Toyota Motor Corp acquired a new position in Joby Aviation during the fourth quarter valued at $640,259,000. Uber Technologies Inc purchased a new position in shares of Joby Aviation during the 4th quarter valued at about $207,842,000. Vanguard Group Inc. lifted its holdings in shares of Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after buying an additional 6,388,232 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of Joby Aviation by 331.4% in the fourth 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, Nuveen LLC acquired a new stake in Joby Aviation during the first quarter worth about $18,936,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.