Joby Aviation (NYSE:JOBY) Trading Up 9.2% Following Analyst Upgrade

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded up 9.2% on Monday after HC Wainwright raised their price target on the stock from $9.00 to $13.00. HC Wainwright currently has a buy rating on the stock. Joby Aviation traded as high as $9.33 and last traded at $8.87. 20,329,687 shares were traded during mid-day trading, an increase of 53% from the average session volume of 13,261,045 shares. The stock had previously closed at $8.12.

A number of other brokerages also recently commented on JOBY. JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Monday, May 5th. Canaccord Genuity Group reiterated a “buy” rating and issued a $12.00 price objective on shares of Joby Aviation in a research report on Wednesday, June 4th. Morgan Stanley reiterated an “equal weight” rating and set a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Joby Aviation presently has an average rating of “Moderate Buy” and a consensus target price of $9.33.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $5.89, for a total value of $1,472,500.00. Following the sale, the chief executive officer now directly owns 32,275,793 shares in the company, valued at approximately $190,104,420.77. This trade represents a 0.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bonny W. Simi sold 9,695 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $65,732.10. Following the completion of the transaction, the insider now owns 146,941 shares of the company’s stock, valued at approximately $996,259.98. The trade was a 6.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 750,950 shares of company stock valued at $4,640,619. Insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Several large investors have recently modified their holdings of the company. Rhumbline Advisers boosted its stake in shares of Joby Aviation by 5.4% in the first quarter. Rhumbline Advisers now owns 626,743 shares of the company’s stock worth $3,773,000 after acquiring an additional 32,324 shares during the period. Strs Ohio purchased a new stake in shares of Joby Aviation in the first quarter worth approximately $37,000. Intech Investment Management LLC grew its position in shares of Joby Aviation by 70.4% during the 1st quarter. Intech Investment Management LLC now owns 307,135 shares of the company’s stock worth $1,849,000 after buying an additional 126,908 shares in the last quarter. Integrity Alliance LLC. bought a new position in shares of Joby Aviation during the 1st quarter worth $124,000. Finally, PharVision Advisers LLC bought a new stake in Joby Aviation during the first quarter valued at about $61,000. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Price Performance

The company has a market cap of $7.32 billion, a P/E ratio of -13.20 and a beta of 2.39. The business has a 50-day moving average of $6.68 and a two-hundred day moving average of $7.33.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the previous year, the company earned ($0.14) earnings per share. Equities analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

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.