Joby Aviation Target of Unusually Large Options Trading (NYSE:JOBY)

Joby Aviation, Inc. (NYSE:JOBY) saw some unusual options trading activity on Tuesday. Traders acquired 29,368 call options on the stock. This represents an increase of 74% compared to the average volume of 16,846 call options.

Joby Aviation Price Performance

Shares of NYSE:JOBY opened at $13.94 on Wednesday. The firm has a market capitalization of $11.03 billion, a PE ratio of -16.59 and a beta of 2.47. Joby Aviation has a 1 year low of $4.66 and a 1 year high of $14.00. The firm’s 50-day moving average is $8.76 and its two-hundred day moving average is $7.68.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, beating 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 period in the previous year, the company earned ($0.14) earnings per share. Analysts expect that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Eric Allison sold 27,538 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $11.97, for a total value of $329,629.86. Following the completion of the transaction, the insider directly owned 660,076 shares in the company, valued at approximately $7,901,109.72. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul Cahill Sciarra sold 500,001 shares of Joby Aviation stock in a transaction on Monday, July 14th. The shares were sold at an average price of $12.38, for a total value of $6,190,012.38. Following the completion of the sale, the director owned 57,328,059 shares in the company, valued at $709,721,370.42. This represents a 0.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,046,702 shares of company stock worth $20,283,383 over the last ninety days. 32.40% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

Large investors have recently modified their holdings of the stock. Toyota Motor Corp acquired a new stake in Joby Aviation in the fourth quarter valued at approximately $640,259,000. Uber Technologies Inc purchased a new stake in shares of Joby Aviation in the 4th quarter valued at approximately $207,842,000. Vanguard Group Inc. raised its holdings in shares of Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after purchasing an additional 6,388,232 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after purchasing an additional 3,272,597 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Joby Aviation during the 1st quarter worth $18,936,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on JOBY. HC Wainwright reissued a “buy” rating and set a $13.00 price objective (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. Morgan Stanley reiterated an “equal weight” rating and set a $7.00 price target (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Canaccord Genuity Group reissued a “buy” rating and issued a $12.00 price target on shares of Joby Aviation in a research note on Wednesday, June 4th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Monday, June 23rd. Finally, Wall Street Zen raised Joby Aviation from a “sell” rating to a “hold” rating in a research report on Saturday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $9.33.

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.