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

Joby Aviation, Inc. (NYSE:JOBY) traded up 2% during mid-day trading on Wednesday . The company traded as high as $9.49 and last traded at $9.1450. 22,741,852 shares were traded during trading, a decline of 13% from the average session volume of 26,161,121 shares. The stock had previously closed at $8.97.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on JOBY shares. Needham & Company LLC lowered their target price on shares of Joby Aviation to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Saturday. HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, March 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. Finally, Canaccord Genuity Group reissued a “hold” rating and issued a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. Two 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $13.81.

Joby Aviation Trading Up 2.0%

The stock has a market capitalization of $8.34 billion, a PE ratio of -8.02 and a beta of 2.68. The stock’s fifty day simple moving average is $9.34 and its 200-day simple moving average is $12.78.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, February 25th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to analysts’ expectations of $16.88 million. During the same quarter in the prior year, the company earned ($0.34) EPS. The business’s revenue for the quarter was up 5506.5% on a year-over-year basis. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Didier Papadopoulos sold 3,394 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $8.76, for a total value of $29,731.44. Following the transaction, the insider owned 144,284 shares in the company, valued at $1,263,927.84. The trade was a 2.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gregory Bowles sold 4,720 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $8.76, for a total value of $41,347.20. Following the completion of the transaction, the insider directly owned 178,470 shares of the company’s stock, valued at approximately $1,563,397.20. This represents a 2.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,774,220 shares of company stock worth $17,386,938 in the last ninety days. 32.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Sowell Financial Services LLC purchased a new position in shares of Joby Aviation in the 3rd quarter worth about $663,000. Pier 88 Investment Partners LLC purchased a new stake in Joby Aviation during the third quarter worth about $635,000. Udine Wealth Management Inc. purchased a new stake in Joby Aviation during the third quarter worth about $1,414,000. Kemnay Advisory Services Inc. bought a new stake in Joby Aviation in the third quarter worth about $2,830,000. Finally, Kingsview Wealth Management LLC boosted its stake in Joby Aviation by 838.2% in the third quarter. Kingsview Wealth Management LLC now owns 96,759 shares of the company’s stock valued at $1,562,000 after acquiring an additional 86,446 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

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.