Joby Aviation (NYSE:JOBY) Trading 2% Higher – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares shot up 2% on Monday . The company traded as high as $8.56 and last traded at $8.5050. 20,921,343 shares traded hands during trading, a decline of 21% from the average session volume of 26,606,908 shares. The stock had previously closed at $8.34.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on JOBY. Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, February 26th. JPMorgan Chase & Co. dropped their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, February 26th. Canaccord Genuity Group reissued a “hold” rating and set a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. Needham & Company LLC dropped their price objective on shares of Joby Aviation to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Trading Up 2.0%

The firm has a market capitalization of $7.75 billion, a PE ratio of -7.46 and a beta of 2.68. The stock’s 50 day moving average price is $9.53 and its two-hundred day moving average price is $13.15.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.06. The business had revenue of $30.84 million during the quarter, compared to analyst estimates of $16.88 million. The company’s revenue was up 5506.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.34) earnings per share. Analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling

In other Joby Aviation news, insider Eric Allison sold 21,493 shares of the business’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $14.84, for a total value of $318,956.12. Following the completion of the transaction, the insider directly owned 702,604 shares in the company, valued at approximately $10,426,643.36. The trade was a 2.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kate Dehoff sold 28,260 shares of the business’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $14.72, for a total value of $415,987.20. Following the completion of the transaction, the insider owned 149,369 shares of the company’s stock, valued at $2,198,711.68. This trade represents a 15.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,331,614 shares of company stock worth $13,819,083 in the last three months. 32.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of JOBY. Fifth Third Bancorp raised its holdings in Joby Aviation by 207.4% in the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after acquiring an additional 1,348 shares during the last quarter. Asset Planning Inc raised its holdings in Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after acquiring an additional 700 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after acquiring an additional 1,880 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Joby Aviation during the 4th quarter valued at $28,000. Finally, Canton Hathaway LLC acquired a new stake in shares of Joby Aviation during the 3rd quarter worth $29,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.