Joby Aviation (NYSE:JOBY) Trading 1.5% Higher – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) rose 1.5% during trading on Monday . The stock traded as high as $9.89 and last traded at $9.6890. Approximately 21,836,845 shares traded hands during trading, a decline of 22% from the average daily volume of 28,024,793 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

Several research analysts recently issued reports on JOBY shares. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. Oppenheimer set a $18.00 target price on shares of Joby Aviation in a research note on Thursday, February 26th. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research note on Wednesday, May 6th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Weiss Ratings lowered Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $13.06.

Joby Aviation Stock Up 1.5%

The stock has a market cap of $9.53 billion, a PE ratio of -8.43 and a beta of 2.66. The business has a 50 day moving average price of $9.69 and a 200 day moving average price of $11.49. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million during the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same period last year, the business earned ($0.11) earnings per share. Equities research analysts expect that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, CEO Joeben Bevirt sold 421,019 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $10.38, for a total value of $4,370,177.22. Following the completion of the transaction, the chief executive officer owned 31,678,802 shares in the company, valued at approximately $328,825,964.76. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Cahill Sciarra sold 416,666 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $12.02, for a total value of $5,008,325.32. Following the sale, the director owned 55,911,391 shares in the company, valued at $672,054,919.82. This trade represents a 0.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,584,273 shares of company stock valued at $16,344,727 in the last ninety days. Company insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Segall Bryant & Hamill LLC purchased a new stake in Joby Aviation in the 1st quarter worth $131,000. J. Derek Lewis & Associates Inc. purchased a new stake in shares of Joby Aviation during the first quarter worth about $121,000. Western Wealth Management LLC purchased a new stake in shares of Joby Aviation during the first quarter worth about $37,000. Edgestream Partners L.P. acquired a new position in shares of Joby Aviation during the 1st quarter worth about $1,189,000. Finally, Arkadios Wealth Advisors purchased a new position in Joby Aviation in the 1st quarter valued at about $90,000. Hedge funds and other 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.