Joby Aviation (NYSE:JOBY) Shares Gap Up – Should You Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY) gapped up prior to trading on Thursday . The stock had previously closed at $6.70, but opened at $7.09. Joby Aviation shares last traded at $6.74, with a volume of 2,554,487 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on JOBY shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Thursday. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday. Canaccord Genuity Group lifted their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Thursday. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Thursday. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Price Performance

The company has a market cap of $5.35 billion, a PE ratio of -9.99 and a beta of 2.33. The company has a 50-day moving average of $8.14 and a 200 day moving average of $6.72.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 31,489 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the completion of the transaction, the insider now owns 137,097 shares in the company, valued at $1,142,018.01. The trade was a 18.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kate Dehoff sold 6,903 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total value of $51,289.29. Following the transaction, the insider now owns 202,276 shares of the company’s stock, valued at $1,502,910.68. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,018,699 shares of company stock worth $8,628,124 over the last 90 days. Company insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Intech Investment Management LLC bought a new position in Joby Aviation in the third quarter worth approximately $518,000. Rheos Capital Works Inc. grew its stake in Joby Aviation by 17.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock worth $19,553,000 after purchasing an additional 350,000 shares in the last quarter. Fred Alger Management LLC grew its stake in Joby Aviation by 89.4% in the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after purchasing an additional 58,229 shares in the last quarter. Hamilton Lane Advisors LLC bought a new position in Joby Aviation in the fourth quarter worth approximately $418,000. Finally, Entropy Technologies LP bought a new position in Joby Aviation in the fourth quarter worth approximately $300,000. Hedge funds and other institutional investors 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.