Joby Aviation (NYSE:JOBY) Trading 6% Higher – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY) shares were up 6% during trading on Monday . The company traded as high as $16.16 and last traded at $15.80. Approximately 44,062,315 shares changed hands during mid-day trading, an increase of 62% from the average daily volume of 27,213,771 shares. The stock had previously closed at $14.90.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on JOBY shares. Needham & Company LLC restated a “buy” rating and issued a $22.00 price objective on shares of Joby Aviation in a report on Thursday. JPMorgan Chase & Co. upped their price target on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a report on Friday, October 31st. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. Finally, Morgan Stanley raised their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $14.00.

Joby Aviation Price Performance

The stock’s fifty day moving average price is $15.72 and its 200-day moving average price is $12.90. The firm has a market cap of $13.52 billion, a price-to-earnings ratio of -11.79 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The company had revenue of $22.57 million for the quarter, compared to analysts’ expectations of $0.02 million. During the same period last year, the company earned ($0.21) earnings per share. The business’s revenue for the quarter was up 7962.1% on a year-over-year basis. As a group, equities research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Didier Papadopoulos sold 5,102 shares of Joby Aviation stock in a transaction on Friday, October 3rd. The stock was 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 approximately $1,773,720.32. The trade was a 4.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Gregory Bowles sold 4,776 shares of the company’s stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total value of $86,397.84. Following the transaction, the insider directly owned 156,464 shares in the company, valued at $2,830,433.76. The trade was a 2.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,657,424 shares of company stock valued at $25,068,869 over the last quarter. 28.50% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

A number of hedge funds have recently made changes to their positions in the stock. Toyota Motor Corp lifted its position in Joby Aviation by 63.1% in the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock worth $1,355,194,000 after buying an additional 49,701,790 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Joby Aviation by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after acquiring an additional 5,828,189 shares in the last quarter. Nuveen LLC acquired a new position in shares of Joby Aviation in the first quarter worth $18,936,000. Rheos Capital Works Inc. raised its holdings in shares of Joby Aviation by 58.2% during the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock worth $76,013,000 after acquiring an additional 2,650,000 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Joby Aviation during the second quarter valued at $15,392,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

About Joby Aviation

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.