Joby Aviation (NYSE:JOBY) Sets New 1-Year High on Analyst Upgrade

Shares of Joby Aviation, Inc. (NYSE:JOBY) hit a new 52-week high during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $5.00 to $7.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Joby Aviation traded as high as $20.33 and last traded at $19.93, with a volume of 19581949 shares changing hands. The stock had previously closed at $17.16.

Other analysts have also issued reports about the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Monday, June 23rd. Morgan Stanley reiterated an “equal weight” rating and issued 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 reiterated a “buy” rating and issued a $12.00 price target on shares of Joby Aviation in a research report on Wednesday, June 4th. Wall Street Zen upgraded Joby Aviation from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $13.00 price target (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. Two investment analysts have 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 a consensus rating of “Hold” and a consensus price target of $9.67.

Insider Activity at Joby Aviation

In other news, insider Gregory Bowles sold 7,961 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $10.28, for a total transaction of $81,839.08. Following the sale, the insider owned 153,280 shares in the company, valued at approximately $1,575,718.40. This represents a 4.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Didier Papadopoulos sold 5,102 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $10.28, for a total value of $52,448.56. Following the sale, the insider owned 84,953 shares in the company, valued at $873,316.84. The trade was a 5.67% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,867,653 shares of company stock valued at $19,256,442. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

Several large investors have recently made changes to their positions in JOBY. Wealth Enhancement Advisory Services LLC bought a new position in Joby Aviation in the fourth quarter valued at about $121,000. Deutsche Bank AG boosted its holdings in Joby Aviation by 26.0% in the fourth quarter. Deutsche Bank AG now owns 350,784 shares of the company’s stock valued at $2,852,000 after acquiring an additional 72,329 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Joby Aviation by 5,161.0% in the first quarter. GAMMA Investing LLC now owns 34,091 shares of the company’s stock valued at $205,000 after acquiring an additional 33,443 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Joby Aviation in the fourth quarter valued at about $495,000. Finally, California State Teachers Retirement System boosted its holdings in Joby Aviation by 1.1% in the fourth quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock valued at $1,512,000 after acquiring an additional 2,065 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Stock Up 19.0%

The firm has a fifty day moving average of $11.70 and a 200-day moving average of $8.52. The firm has a market cap of $16.17 billion, a P/E ratio of -24.32 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) 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 previous year, the business earned ($0.14) EPS. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current 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.