Joby Aviation (NYSE:JOBY) Stock Price Up 6.4% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares shot up 6.4% during mid-day trading on Monday . The company traded as high as $13.96 and last traded at $13.91. 19,981,643 shares traded hands during trading, a decline of 26% from the average session volume of 27,093,436 shares. The stock had previously closed at $13.07.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Zacks Research upgraded Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. lifted their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research note on Wednesday, October 8th. Canaccord Genuity Group lowered shares of Joby Aviation from a “buy” rating to a “hold” rating and raised their price target for the company from $12.00 to $17.00 in a report on Thursday, August 7th. Finally, Wall Street Zen lowered shares of Joby Aviation from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $14.00.

Joby Aviation Stock Up 6.4%

The company has a 50 day moving average of $15.93 and a 200-day moving average of $13.52. The stock has a market capitalization of $12.68 billion, a P/E ratio of -10.38 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The company had revenue of $22.57 million during the quarter, compared to analyst estimates of $0.02 million. The company’s revenue was up 7962.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.21) earnings per share. Equities analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, insider Kate Dehoff sold 20,824 shares of the stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $17.48, for a total value of $364,003.52. Following the completion of the transaction, the insider owned 149,369 shares of the company’s stock, valued at approximately $2,610,970.12. This represents a 12.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Joeben Bevirt sold 32,284 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $16.78, for a total value of $541,725.52. Following the transaction, the chief executive officer directly owned 249,587 shares in the company, valued at $4,188,069.86. This trade represents a 11.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,146,267 shares of company stock worth $17,729,562 over the last quarter. Insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Asset Planning Inc raised its position in Joby Aviation by 70.0% in the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after acquiring an additional 700 shares in the last quarter. Canton Hathaway LLC bought a new stake in Joby Aviation during the third quarter worth approximately $29,000. Hilltop National Bank bought a new stake in Joby Aviation during the third quarter worth approximately $32,000. Ancora Advisors LLC acquired a new position in Joby Aviation in the third quarter worth approximately $35,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after buying an additional 1,880 shares in the last quarter. 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.