Joby Aviation (NYSE:JOBY) Trading Up 4% – Should You Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY) shot up 4% on Wednesday . The stock traded as high as $8.83 and last traded at $8.57. 11,085,603 shares traded hands during trading, an increase of 29% from the average session volume of 8,617,901 shares. The stock had previously closed at $8.24.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Canaccord Genuity Group dropped their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Needham & Company LLC initiated coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. cut their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Joby Aviation has an average rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Trading Down 8.9 %

The company has a market cap of $5.53 billion, a P/E ratio of -10.33 and a beta of 2.32. The business has a 50 day moving average price of $6.58 and a 200-day moving average price of $5.78.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period last year, the company posted ($0.13) earnings per share. On average, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $5.14, for a total transaction of $137,623.50. Following the completion of the transaction, the insider now directly owns 18,035 shares of the company’s stock, valued at $92,699.90. The trade was a 59.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul Cahill Sciarra sold 166,666 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the completion of the transaction, the director now owns 59,828,059 shares in the company, valued at approximately $308,114,503.85. This represents a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 535,506 shares of company stock valued at $2,759,533. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently bought and sold shares of the stock. Flaharty Asset Management LLC lifted its holdings in shares of Joby Aviation by 25.0% during the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock worth $76,000 after buying an additional 3,000 shares in the last quarter. Tidal Investments LLC increased its position in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after acquiring an additional 3,522 shares during the period. Kensington Investment Counsel LLC raised its stake in Joby Aviation by 12.0% in the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after purchasing an additional 3,653 shares in the last quarter. Amalgamated Bank boosted its holdings in Joby Aviation by 46.2% in the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after purchasing an additional 4,391 shares during the period. Finally, Larson Financial Group LLC boosted its holdings in Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.