Investors Purchase High Volume of Joby Aviation Call Options (NYSE:JOBY)

Joby Aviation, Inc. (NYSE:JOBY) was the target of some unusual options trading on Thursday. Stock traders purchased 18,794 call options on the stock. This is an increase of 56% compared to the average volume of 12,040 call options.

Joby Aviation Stock Performance

Shares of JOBY stock opened at $8.60 on Friday. Joby Aviation has a 52-week low of $4.66 and a 52-week high of $10.72. The firm has a market capitalization of $6.81 billion, a PE ratio of -12.28 and a beta of 2.39. The stock has a fifty day simple moving average of $6.97 and a two-hundred day simple moving average of $7.37.

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 last year, the firm posted ($0.14) earnings per share. On average, sell-side analysts forecast that Joby Aviation will post -0.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price objective on 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 issued a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group restated a “buy” rating and issued a $12.00 price objective on shares of Joby Aviation in a research note on Wednesday, June 4th. Morgan Stanley restated an “equal weight” rating and issued a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Finally, Cantor Fitzgerald lowered Joby Aviation from an “overweight” rating to a “neutral” rating and set a $9.00 price objective for the company. in a research note on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $9.33.

Insider Activity at Joby Aviation

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Entropy Technologies LP purchased a new position in shares of Joby Aviation during the fourth quarter valued at about $300,000. Raymond James Financial Inc. purchased a new position in shares of Joby Aviation during the fourth quarter valued at about $2,168,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Joby Aviation by 10.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company’s stock valued at $31,661,000 after acquiring an additional 361,520 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Joby Aviation in the 4th quarter valued at about $311,000. Finally, Deutsche Bank AG lifted its holdings in shares of Joby Aviation by 26.0% in the 4th quarter. Deutsche Bank AG now owns 350,784 shares of the company’s stock valued at $2,852,000 after acquiring an additional 72,329 shares during the last quarter. Hedge funds and other institutional investors 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.