Joby Aviation (NYSE:JOBY) Shares Up 0.9% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded up 0.9% on Monday . The stock traded as high as $10.05 and last traded at $9.86. 10,112,613 shares were traded during mid-day trading, a decline of 40% from the average session volume of 16,774,855 shares. The stock had previously closed at $9.77.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. decreased their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, Canaccord Genuity Group raised their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $8.70.

Joby Aviation Stock Down 7.3 %

The stock has a market cap of $7.28 billion, a P/E ratio of -13.60 and a beta of 2.33. The company’s 50 day moving average price is $7.37 and its 200-day moving average price is $6.13.

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

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 7,692 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the sale, the insider now directly owns 50,902 shares in the company, valued at approximately $509,020. This trade represents a 13.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kate Dehoff sold 27,898 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total value of $153,439.00. Following the completion of the transaction, the insider now directly owns 199,413 shares in the company, valued at $1,096,771.50. This represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 355,160 shares of company stock valued at $3,177,342. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in shares of Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after buying an additional 435,069 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Joby Aviation by 59.6% during the 2nd quarter. Principal Financial Group Inc. now owns 54,294 shares of the company’s stock valued at $277,000 after purchasing an additional 20,280 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in Joby Aviation by 67.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock worth $522,000 after purchasing an additional 41,128 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in shares of Joby Aviation in the second quarter worth approximately $101,000. Finally, Rhumbline Advisers lifted its holdings in shares of Joby Aviation by 26.7% in the second quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after purchasing an additional 115,483 shares in the last quarter. 52.85% of the stock is owned by institutional investors.

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.