Joby Aviation (NYSE:JOBY) Stock Price Up 2.5% – Still a Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY) shot up 2.5% during trading on Monday . The company traded as high as $6.16 and last traded at $6.08. 3,451,355 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 11,226,668 shares. The stock had previously closed at $5.93.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on JOBY. Morgan Stanley reaffirmed an “equal weight” rating and issued a $7.00 target price (down from $10.00) on shares of Joby Aviation in a report on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Canaccord Genuity Group lifted their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Joby Aviation currently has an average rating of “Moderate Buy” and an average target price of $8.58.

Joby Aviation Stock Performance

The stock has a market cap of $4.75 billion, a price-to-earnings ratio of -8.61 and a beta of 2.35. The stock has a fifty day simple moving average of $6.62 and a two-hundred day simple moving average of $6.97.

Insider Activity at Joby Aviation

In other news, CEO Joeben Bevirt sold 10,785 shares of the firm’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $7.43, for a total value of $80,132.55. Following the completion of the sale, the chief executive officer now directly owns 793,036 shares in the company, valued at $5,892,257.48. This trade represents a 1.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Kate Dehoff sold 9,720 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $6.00, for a total value of $58,320.00. Following the completion of the sale, the insider now directly owns 219,366 shares of the company’s stock, valued at $1,316,196. This trade represents a 4.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 832,073 shares of company stock worth $5,885,469 in the last quarter. 32.40% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp grew its position in Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after buying an additional 812,248 shares during the period. EP Wealth Advisors LLC increased its stake in shares of Joby Aviation by 15.4% during the 3rd quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock worth $188,000 after purchasing an additional 5,000 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares during the period. Tidal Investments LLC lifted its stake in Joby Aviation by 13.7% in the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after purchasing an additional 3,522 shares during the last quarter. Finally, Everence Capital Management Inc. bought a new position in Joby Aviation during the fourth quarter valued at $142,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

About Joby Aviation

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.