Joby Aviation (NYSE:JOBY) Shares Gap Up – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares gapped up prior to trading on Friday . The stock had previously closed at $17.37, but opened at $18.89. Joby Aviation shares last traded at $16.95, with a volume of 13,643,465 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on JOBY shares. JPMorgan Chase & Co. raised their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the company an “underweight” rating in a report on Friday, August 1st. Wall Street Zen downgraded shares of Joby Aviation from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. HC Wainwright downgraded shares of Joby Aviation from a “buy” rating to a “neutral” rating in a report on Thursday, August 7th. Cantor Fitzgerald restated a “neutral” rating and set a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Finally, Canaccord Genuity Group downgraded shares of Joby Aviation from a “buy” rating to a “hold” rating and raised their target price for the company from $12.00 to $17.00 in a report on Thursday, August 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Hold” and a consensus target price of $10.50.

Joby Aviation Price Performance

The stock has a market capitalization of $13.13 billion, a price-to-earnings ratio of -15.50 and a beta of 2.52. The firm’s fifty day moving average is $13.46 and its 200-day moving average is $9.10.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The company had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 71.29%. The company’s revenue was down 94.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.18) earnings per share. On average, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insiders Place Their Bets

In related news, Director Paul Cahill Sciarra sold 500,001 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $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 SEC, which is available through the SEC website. Also, insider Bonny W. Simi sold 173,456 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the completion of the sale, the insider directly owned 211,397 shares of the company’s stock, valued at $3,646,598.25. The trade was a 45.07% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,936,558 shares of company stock valued at $21,551,263. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in shares of Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after purchasing an additional 1,880 shares in the last quarter. GPS Wealth Strategies Group LLC lifted its position in shares of Joby Aviation by 32.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company’s stock worth $33,000 after purchasing an additional 750 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Joby Aviation by 773.9% in the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock worth $34,000 after purchasing an additional 5,015 shares in the last quarter. Strs Ohio purchased a new stake in shares of Joby Aviation in the first quarter worth approximately $37,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Joby Aviation in the second quarter worth approximately $39,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.