Joby Aviation (NYSE:JOBY) Price Target Raised to $15.00

Joby Aviation (NYSE:JOBY) had its price target raised by Morgan Stanley from $7.00 to $15.00 in a research note issued to investors on Thursday morning, Marketbeat.com reports. The firm currently has an equal weight rating on the stock.

Several other equities analysts have also recently issued reports on the company. Cantor Fitzgerald reiterated a “neutral” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Monday, June 23rd. JPMorgan Chase & Co. raised their target price on Joby Aviation from $5.00 to $7.00 and gave the stock an “underweight” rating in a report on Friday, August 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday. Canaccord Genuity Group cut Joby Aviation from a “buy” rating to a “hold” rating and raised their target price for the stock from $12.00 to $17.00 in a report on Thursday, August 7th. Finally, Wall Street Zen cut Joby Aviation from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Joby Aviation has an average rating of “Reduce” and an average price target of $11.83.

Joby Aviation Stock Down 4.9%

Joby Aviation stock opened at $16.30 on Thursday. The business’s 50-day simple moving average is $15.79 and its 200 day simple moving average is $11.38. The stock has a market cap of $13.96 billion, a price-to-earnings ratio of -15.24 and a beta of 2.52. Joby Aviation has a 12-month low of $4.80 and a 12-month high of $20.95.

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. The firm’s revenue was down 94.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.18) EPS. As a group, sell-side analysts expect that Joby Aviation will post -0.69 EPS for the current year.

Insiders Place Their Bets

In related news, insider Eric Allison sold 27,538 shares of Joby Aviation 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 sale, the insider owned 660,076 shares of the company’s stock, valued at approximately $7,901,109.72. This trade represents a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joeben Bevirt sold 253,600 shares of Joby Aviation stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $16.29, for a total value of $4,131,144.00. Following the completion of the sale, the chief executive officer directly owned 60,273,162 shares in the company, valued at approximately $981,849,808.98. This represents a 0.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,330,881 shares of company stock worth $33,997,315 in the last three months. 28.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of JOBY. Wealth Enhancement Advisory Services LLC acquired a new stake in Joby Aviation in the 4th quarter valued at approximately $121,000. GAMMA Investing LLC raised its position in Joby Aviation by 5,161.0% in the 1st quarter. GAMMA Investing LLC now owns 34,091 shares of the company’s stock valued at $205,000 after buying an additional 33,443 shares during the last quarter. Rhumbline Advisers raised its position in Joby Aviation by 5.4% in the 1st quarter. Rhumbline Advisers now owns 626,743 shares of the company’s stock valued at $3,773,000 after buying an additional 32,324 shares during the last quarter. Exchange Traded Concepts LLC raised its position in Joby Aviation by 31.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,724,888 shares of the company’s stock valued at $10,384,000 after buying an additional 411,691 shares during the last quarter. Finally, JBR Co Financial Management Inc acquired a new stake in Joby Aviation in the 1st quarter valued at approximately $62,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.