Morgan Stanley Forecasts Strong Price Appreciation for Joby Aviation (NYSE:JOBY) Stock

Joby Aviation (NYSE:JOBY) had its price objective raised by analysts at Morgan Stanley from $7.00 to $15.00 in a report issued on Thursday, Marketbeat reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would indicate a potential downside of 8.00% from the company’s current price.

A number of other research firms have also commented on JOBY. JPMorgan Chase & Co. raised their price objective on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an “underweight” rating in a research note on Friday, August 1st. HC Wainwright lowered shares of Joby Aviation from a “buy” rating to a “neutral” rating in a research note on Thursday, August 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. Wall Street Zen lowered shares of Joby Aviation from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Finally, Canaccord Genuity Group downgraded shares of Joby Aviation from a “buy” rating to a “hold” rating and increased their target price for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $11.83.

Joby Aviation Stock Performance

Shares of NYSE:JOBY opened at $16.30 on Thursday. The company has a 50 day moving average price of $15.79 and a 200 day moving average price of $11.34. Joby Aviation has a 1-year low of $4.80 and a 1-year high of $20.95. The stock has a market capitalization of $13.96 billion, a price-to-earnings ratio of -15.24 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The company had revenue of $0.02 million for the quarter, compared to analysts’ expectations of $0.05 million. During the same period last year, the company earned ($0.18) earnings per share. The business’s revenue for the quarter was down 94.6% on a year-over-year basis. On average, sell-side analysts expect that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Gregory Bowles sold 4,776 shares of the firm’s stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total transaction of $86,397.84. Following the transaction, the insider owned 156,464 shares in the company, valued at approximately $2,830,433.76. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Didier Papadopoulos sold 5,102 shares of the firm’s stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $18.08, for a total transaction of $92,244.16. Following the transaction, the insider owned 98,104 shares in the company, valued at $1,773,720.32. This represents a 4.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,330,881 shares of company stock worth $33,997,315. Insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Toyota Motor Corp raised its holdings in shares of Joby Aviation by 63.1% during the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock valued at $1,355,194,000 after purchasing an additional 49,701,790 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Joby Aviation by 5.4% during the 2nd quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company’s stock valued at $117,230,000 after purchasing an additional 573,328 shares in the last quarter. State Street Corp raised its holdings in shares of Joby Aviation by 3.0% during the 2nd quarter. State Street Corp now owns 10,392,018 shares of the company’s stock valued at $109,636,000 after purchasing an additional 305,109 shares in the last quarter. Rheos Capital Works Inc. raised its holdings in shares of Joby Aviation by 58.2% during the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock valued at $76,013,000 after purchasing an additional 2,650,000 shares in the last quarter. Finally, ARK Investment Management LLC raised its holdings in Joby Aviation by 1.9% in the 2nd quarter. ARK Investment Management LLC now owns 3,507,405 shares of the company’s stock worth $37,003,000 after acquiring an additional 64,562 shares during the period. 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.