Joby Aviation (NYSE:JOBY) Trading Up 3.1% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was up 3.1% during trading on Friday . The company traded as high as $16.56 and last traded at $16.15. Approximately 40,267,283 shares were traded during trading, an increase of 53% from the average daily volume of 26,357,225 shares. The stock had previously closed at $15.67.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Canaccord Genuity Group cut Joby Aviation from a “buy” rating to a “hold” rating and increased their price objective for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. HC Wainwright cut Joby Aviation from a “buy” rating to a “neutral” rating in a research note on Thursday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a research note on Saturday. Morgan Stanley increased their price objective on Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, October 9th. Finally, JPMorgan Chase & Co. increased their price objective on Joby Aviation from $5.00 to $7.00 and gave the company an “underweight” rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $11.83.

Joby Aviation Price Performance

The stock has a 50-day moving average price of $15.50 and a 200 day moving average price of $12.12. The firm has a market cap of $13.83 billion, a price-to-earnings ratio of -15.10 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The company had revenue of $0.02 million during the quarter, compared to analysts’ expectations of $0.05 million. During the same quarter in the prior year, the company posted ($0.18) earnings per share. The firm’s revenue was down 94.6% on a year-over-year basis. As a group, equities research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Joby Aviation

In other news, insider Gregory Bowles sold 4,776 shares of the business’s stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $18.09, for a total transaction of $86,397.84. Following the sale, the insider owned 156,464 shares of the company’s stock, valued at $2,830,433.76. The trade was a 2.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric Allison sold 27,537 shares of the business’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $16.84, for a total value of $463,723.08. Following the sale, the insider directly owned 692,428 shares in the company, valued at $11,660,487.52. This trade represents a 3.82% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,830,880 shares of company stock worth $28,060,985. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC raised its position in shares of Joby Aviation by 8.1% in the 2nd quarter. CWM LLC now owns 9,156 shares of the company’s stock worth $97,000 after buying an additional 689 shares during the period. Asset Planning Inc raised its position in shares of Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after buying an additional 700 shares during the period. GPS Wealth Strategies Group LLC raised its position in shares of Joby Aviation by 32.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company’s stock worth $33,000 after buying an additional 750 shares during the period. Allworth Financial LP raised its position in shares of Joby Aviation by 11.9% in the 2nd quarter. Allworth Financial LP now owns 7,197 shares of the company’s stock worth $76,000 after buying an additional 763 shares during the period. Finally, Flagship Harbor Advisors LLC grew its stake in shares of Joby Aviation by 2.6% during the second quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company’s stock valued at $335,000 after acquiring an additional 800 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.