HC Wainwright Reiterates “Buy” Rating for Joby Aviation (NYSE:JOBY)

Joby Aviation (NYSE:JOBY)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research report issued to clients and investors on Monday, Marketbeat reports. They presently have a $13.00 target price on the stock, up from their prior target price of $9.00. HC Wainwright’s target price indicates a potential upside of 37.49% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $12.00 target price on shares of Joby Aviation in a research note on Wednesday, June 4th. JPMorgan Chase & Co. lowered their price target 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 restated an “equal weight” rating and set a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Monday, May 5th. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $9.33.

Joby Aviation Price Performance

Shares of NYSE JOBY opened at $9.46 on Monday. The stock has a market capitalization of $7.49 billion, a P/E ratio of -13.51 and a beta of 2.39. Joby Aviation has a 1-year low of $4.66 and a 1-year high of $10.72. The business’s 50 day moving average is $6.75 and its two-hundred day moving average is $7.35.

Joby Aviation (NYSE:JOBY) last released its quarterly 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 quarter in the previous year, the firm posted ($0.14) earnings per share. As a group, equities research analysts anticipate that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Paul Cahill Sciarra sold 166,667 shares of the business’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 $1,130,002.26. Following the sale, the director now owns 58,494,728 shares in the company, valued at approximately $396,594,255.84. The trade was a 0.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bonny W. Simi sold 9,695 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $65,732.10. Following the transaction, the insider now owns 146,941 shares in the company, valued at approximately $996,259.98. This trade represents a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 750,950 shares of company stock worth $4,640,619 in the last 90 days. 28.50% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

A number of institutional investors have recently bought and sold shares of the stock. Whittier Trust Co. acquired a new position in Joby Aviation during the 4th quarter valued at approximately $38,000. Allworth Financial LP grew its holdings in shares of Joby Aviation by 200.6% during the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock valued at $44,000 after buying an additional 3,320 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new position in shares of Joby Aviation in the 4th quarter valued at $41,000. Toronto Dominion Bank purchased a new position in Joby Aviation in the 4th quarter worth $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new stake in Joby Aviation during the 4th quarter worth about $41,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.