Joby Aviation (NYSE:JOBY) Trading 9.2% Higher Following Analyst Upgrade

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was up 9.2% during trading on Monday after HC Wainwright raised their price target on the stock from $9.00 to $13.00. HC Wainwright currently has a buy rating on the stock. Joby Aviation traded as high as $9.33 and last traded at $8.87. Approximately 20,329,687 shares traded hands during mid-day trading, an increase of 53% from the average daily volume of 13,261,045 shares. The stock had previously closed at $8.12.

A number of other analysts have also recently commented on JOBY. Canaccord Genuity Group reiterated a “buy” rating and issued a $12.00 target price on shares of Joby Aviation in a research note on Wednesday, June 4th. 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 note on Friday, April 11th. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Monday, May 5th. One equities research 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. According to data from MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and an average price target of $9.33.

Insider Activity at Joby Aviation

In related news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $5.89, for a total transaction of $1,472,500.00. Following the completion of the transaction, the chief executive officer now owns 32,275,793 shares in the company, valued at approximately $190,104,420.77. The trade was a 0.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Motor Corp/ Toyota purchased 49,701,790 shares of Joby Aviation stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average cost of $5.03 per share, with a total value of $250,000,003.70. Following the completion of the transaction, the director now owns 122,573,621 shares of the company’s stock, valued at $616,545,313.63. The trade was a 68.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 750,950 shares of company stock worth $4,640,619. Insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Spire Wealth Management acquired a new position in shares of Joby Aviation during the fourth quarter worth about $110,000. Stratos Wealth Partners LTD. acquired a new stake in shares of Joby Aviation in the fourth quarter valued at approximately $466,000. Golden State Wealth Management LLC acquired a new stake in Joby Aviation during the fourth quarter worth approximately $42,000. Kingsview Wealth Management LLC increased its stake in Joby Aviation by 380.6% in the fourth quarter. Kingsview Wealth Management LLC now owns 74,006 shares of the company’s stock valued at $602,000 after purchasing an additional 58,607 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in Joby Aviation by 32.7% in the fourth quarter. Empowered Funds LLC now owns 13,409 shares of the company’s stock valued at $109,000 after purchasing an additional 3,308 shares during the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Stock Up 13.7%

The company has a market cap of $7.31 billion, a PE ratio of -13.20 and a beta of 2.39. The stock’s 50 day simple moving average is $6.61 and its two-hundred day simple moving average is $7.32.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, beating 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 prior year, the firm posted ($0.14) EPS. Analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

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.