Joby Aviation (NYSE:JOBY) Trading 2.3% Higher – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded up 2.3% during mid-day trading on Friday . The company traded as high as $14.51 and last traded at $14.4450. 6,079,344 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 26,871,428 shares. The stock had previously closed at $14.12.

Wall Street Analyst Weigh In

JOBY has been the topic of a number of analyst reports. Canaccord Genuity Group cut shares of Joby Aviation from a “buy” rating to a “hold” rating and boosted their price objective for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research report on Wednesday, October 8th. Morgan Stanley lifted their price objective on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 9th. HC Wainwright reissued a “neutral” rating on shares of Joby Aviation in a research note on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price target on shares of Joby Aviation in a research note on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $14.00.

Joby Aviation Price Performance

The company has a 50 day moving average of $15.91 and a two-hundred day moving average of $13.58. The company has a market capitalization of $13.17 billion, a PE ratio of -10.78 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm had revenue of $22.57 million for the quarter, compared to analysts’ expectations of $0.02 million. The company’s quarterly revenue was up 7962.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.21) EPS. On average, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In other news, insider Gregory Bowles sold 3,931 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $13.72, for a total value of $53,933.32. Following the sale, the insider directly owned 159,085 shares of the company’s stock, valued at $2,182,646.20. The trade was a 2.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joeben Bevirt sold 32,284 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $4,188,069.86. This trade represents a 11.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,154,802 shares of company stock valued at $17,844,775 over the last three months. 28.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently added to or reduced their stakes in JOBY. Asset Planning Inc increased its holdings in shares of Joby Aviation by 70.0% during the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after acquiring an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after purchasing an additional 1,880 shares in the last quarter. Canton Hathaway LLC bought a new stake in Joby Aviation during the 3rd quarter valued at about $29,000. Strategic Advocates LLC purchased a new position in Joby Aviation in the third quarter worth about $29,000. Finally, Hilltop National Bank bought a new position in shares of Joby Aviation in the third quarter worth approximately $32,000. 52.85% of the stock is owned by institutional investors.

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.