Joby Aviation (NYSE:JOBY) Trading Up 18.4% After Analyst Upgrade

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was up 18.4% 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 $20.45 and last traded at $20.33. Approximately 35,918,873 shares were traded during mid-day trading, an increase of 79% from the average daily volume of 20,096,426 shares. The stock had previously closed at $17.16.

A number of other research analysts have also issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $13.00 target price (up previously from $9.00) on shares of Joby Aviation in a report on Monday, June 9th. Wall Street Zen raised Joby Aviation from a “sell” rating to a “hold” rating in a report on Saturday, July 12th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $12.00 price objective on shares of Joby Aviation in a report on Wednesday, June 4th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Monday, June 23rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Joby Aviation has a consensus rating of “Hold” and a consensus target price of $9.67.

Insider Buying and Selling

In other Joby Aviation news, Director Paul Cahill Sciarra sold 500,001 shares of the company’s stock in a transaction on Monday, July 14th. The stock was sold at an average price of $12.38, for a total value of $6,190,012.38. Following the sale, the director owned 57,328,059 shares of the company’s stock, valued at approximately $709,721,370.42. This represents a 0.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kate Dehoff sold 20,823 shares of the company’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $13.67, for a total value of $284,650.41. Following the completion of the sale, the insider directly owned 202,276 shares in the company, valued at $2,765,112.92. This trade represents a 9.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,867,653 shares of company stock valued at $19,256,442 in the last three months. 32.40% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Several large investors have recently bought and sold shares of JOBY. GAMMA Investing LLC grew its holdings in Joby Aviation by 773.9% in the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock valued at $34,000 after purchasing an additional 5,015 shares during the last quarter. Strs Ohio acquired a new stake in Joby Aviation in the first quarter valued at $37,000. Ameritas Advisory Services LLC acquired a new stake in Joby Aviation in the second quarter valued at $39,000. Toronto Dominion Bank acquired a new stake in Joby Aviation in the fourth quarter valued at $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new stake in Joby Aviation in the fourth quarter valued at $41,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Price Performance

The firm has a market capitalization of $16.17 billion, a PE ratio of -24.32 and a beta of 2.52. The company has a 50-day moving average price of $11.70 and a 200-day moving average price of $8.52.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates 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 quarter last year, the company earned ($0.14) EPS. On average, research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

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.