Joby Aviation (NYSE:JOBY) Shares Up 0.8% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) was up 0.8% on Wednesday . The stock traded as high as $6.03 and last traded at $5.98. Approximately 3,698,544 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 10,837,967 shares. The stock had previously closed at $5.93.

Wall Street Analyst Weigh In

A number of research firms have commented on JOBY. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Canaccord Genuity Group increased their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Price Performance

The stock’s 50 day simple moving average is $7.15 and its two-hundred day simple moving average is $6.95. The stock has a market cap of $4.80 billion, a P/E ratio of -8.70 and a beta of 2.35.

Insider Buying and Selling

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,667 shares of Joby Aviation stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $1,130,002.26. Following the sale, the director now directly owns 58,494,728 shares in the company, valued at approximately $396,594,255.84. The trade was a 0.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Didier Papadopoulos sold 7,692 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $10.00, for a total value of $76,920.00. Following the transaction, the insider now directly owns 50,902 shares of the company’s stock, valued at $509,020. This trade represents a 13.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,191,832 shares of company stock valued at $9,796,214. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of JOBY. CreativeOne Wealth LLC acquired a new stake in Joby Aviation during the 3rd quarter valued at $79,000. Verition Fund Management LLC boosted its holdings in shares of Joby Aviation by 118.9% during the 3rd quarter. Verition Fund Management LLC now owns 78,339 shares of the company’s stock worth $394,000 after buying an additional 42,544 shares during the period. Holocene Advisors LP grew its stake in Joby Aviation by 91.7% in the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after buying an additional 249,375 shares during the last quarter. State Street Corp raised its holdings in Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after acquiring an additional 812,248 shares during the period. Finally, EP Wealth Advisors LLC lifted its position in Joby Aviation by 15.4% during the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock worth $188,000 after acquiring an additional 5,000 shares during the last quarter. 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.