Joby Aviation (NYSE:JOBY) Upgraded to Hold at Wall Street Zen

Joby Aviation (NYSE:JOBY) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

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

Joby Aviation Trading Down 2.3%

Shares of JOBY stock opened at $12.05 on Friday. The business’s 50 day moving average is $8.48 and its two-hundred day moving average is $7.63. Joby Aviation has a twelve month low of $4.66 and a twelve month high of $12.59. The company has a market capitalization of $9.54 billion, a P/E ratio of -14.35 and a beta of 2.47.

Joby Aviation (NYSE:JOBY) last announced its 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 63.27% and a negative net margin of 447,083.78%. During the same period in the prior year, the company posted ($0.14) EPS. As a group, equities analysts predict that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Eric Allison sold 24,395 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $6.04, for a total value of $147,345.80. Following the completion of the transaction, the insider owned 627,726 shares in the company, valued at $3,791,465.04. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bonny W. Simi sold 300,000 shares of the firm’s stock in a transaction on Monday, June 30th. The shares were sold at an average price of $10.79, for a total value of $3,237,000.00. Following the completion of the transaction, the insider owned 203,588 shares of the company’s stock, valued at approximately $2,196,714.52. This represents a 59.57% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,514,473 shares of company stock valued at $13,527,540. Company insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Toyota Motor Corp purchased a new stake in shares of Joby Aviation in the fourth quarter valued at $640,259,000. Vanguard Group Inc. lifted its position in shares of Joby Aviation by 15.8% in the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after acquiring an additional 6,388,232 shares in the last quarter. Uber Technologies Inc purchased a new stake in shares of Joby Aviation in the fourth quarter valued at $207,842,000. Geode Capital Management LLC lifted its position in shares of Joby Aviation by 8.7% in the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock valued at $83,015,000 after acquiring an additional 817,638 shares in the last quarter. Finally, Rheos Capital Works Inc. lifted its position in shares of Joby Aviation by 89.4% in the first quarter. Rheos Capital Works Inc. now owns 4,555,000 shares of the company’s stock valued at $27,421,000 after acquiring an additional 2,150,000 shares in the last quarter. Hedge funds and other institutional investors own 52.85% of the company’s stock.

About Joby Aviation

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.