JPMorgan Chase & Co. Upgrades Joby Aviation (NYSE:JOBY) to “Neutral”

Joby Aviation (NYSE:JOBY) was upgraded by equities researchers at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report issued on Friday, MarketBeat Ratings reports. The brokerage presently has a $5.00 price objective on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 7.06% from the company’s previous close.

Joby Aviation Stock Performance

JOBY opened at $5.38 on Friday. Joby Aviation has a 12 month low of $4.06 and a 12 month high of $11.98. The company has a market cap of $3.78 billion, a PE ratio of -6.64 and a beta of 2.04. The company has a 50 day moving average of $5.12 and a 200 day moving average of $5.72.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.02. The company had revenue of $1.03 million during the quarter, compared to the consensus estimate of $1.50 million. During the same period in the previous year, the business earned ($0.14) earnings per share. Research analysts forecast that Joby Aviation will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, CEO Joeben Bevirt sold 5,757 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $6.03, for a total value of $34,714.71. Following the sale, the chief executive officer now directly owns 604,437 shares of the company’s stock, valued at $3,644,755.11. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Joeben Bevirt sold 5,757 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $6.03, for a total transaction of $34,714.71. Following the completion of the transaction, the chief executive officer now directly owns 604,437 shares in the company, valued at approximately $3,644,755.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Field sold 12,500 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $5.50, for a total transaction of $68,750.00. Following the completion of the transaction, the insider now directly owns 232,506 shares in the company, valued at approximately $1,278,783. The disclosure for this sale can be found here. Insiders sold 550,832 shares of company stock valued at $2,822,382 in the last quarter. 49.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Joby Aviation

Institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. increased its holdings in shares of Joby Aviation by 10.3% in the 4th quarter. Baillie Gifford & Co. now owns 56,320,441 shares of the company’s stock worth $374,531,000 after buying an additional 5,267,436 shares during the last quarter. Vanguard Group Inc. increased its stake in Joby Aviation by 20.6% in the third quarter. Vanguard Group Inc. now owns 34,130,744 shares of the company’s stock valued at $220,143,000 after acquiring an additional 5,819,837 shares during the last quarter. 8VC GP I LLC bought a new position in Joby Aviation in the fourth quarter valued at $95,727,000. Charles Schwab Investment Management Inc. raised its position in Joby Aviation by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,818,603 shares of the company’s stock valued at $25,394,000 after purchasing an additional 64,404 shares in the last quarter. Finally, ARK Investment Management LLC lifted its stake in Joby Aviation by 7.2% during the fourth quarter. ARK Investment Management LLC now owns 3,404,900 shares of the company’s stock worth $22,643,000 after purchasing an additional 227,331 shares during the last quarter. Hedge funds and other institutional investors own 45.54% of the company’s stock.

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.