Joby Aviation (NYSE:JOBY) Trading 3.6% Higher – Still a Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded up 3.6% during mid-day trading on Friday . The stock traded as high as $10.62 and last traded at $10.53. 21,327,894 shares traded hands during mid-day trading, an increase of 43% from the average session volume of 14,921,604 shares. The stock had previously closed at $10.16.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 price objective (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Joby Aviation in a research note on Wednesday, June 4th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Joby Aviation presently has an average rating of “Hold” and an average target price of $9.33.

Joby Aviation Stock Performance

The stock has a market cap of $8.33 billion, a price-to-earnings ratio of -12.53 and a beta of 2.47. The stock’s 50-day simple moving average is $7.97 and its two-hundred day simple moving average is $7.49.

Joby Aviation (NYSE:JOBY) last released its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. During the same quarter last year, the business posted ($0.14) earnings per share. As a group, research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other news, insider Bonny W. Simi sold 300,000 shares of the business’s stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $10.79, for a total transaction of $3,237,000.00. Following the transaction, the insider owned 203,588 shares in the company, valued at approximately $2,196,714.52. The trade was a 59.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul Cahill Sciarra sold 333,334 shares of the business’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $8.40, for a total transaction of $2,800,005.60. Following the transaction, the director owned 57,828,060 shares in the company, valued at approximately $485,755,704. The trade was a 0.57% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,504,881 shares of company stock worth $13,413,350. Insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC increased its holdings in shares of Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock worth $34,000 after purchasing an additional 5,015 shares during the period. Strs Ohio acquired a new position in Joby Aviation in the first quarter worth about $37,000. Whittier Trust Co. acquired a new position in Joby Aviation in the fourth quarter worth about $38,000. Toronto Dominion Bank acquired a new position in Joby Aviation in the fourth quarter worth about $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new position in Joby Aviation in the fourth quarter worth about $41,000. Institutional investors own 52.85% 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.