Joby Aviation (NYSE:JOBY) Price Target Raised to $11.50 at Canaccord Genuity Group

Joby Aviation (NYSE:JOBY) had its price objective raised by research analysts at Canaccord Genuity Group from $9.75 to $11.50 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 20.80% from the company’s previous close.

A number of other equities analysts also recently weighed in on JOBY. Needham & Company LLC started coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, December 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Joby Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $8.70.

Joby Aviation Stock Down 7.3 %

Shares of NYSE:JOBY opened at $9.52 on Wednesday. The firm has a market cap of $7.28 billion, a P/E ratio of -13.60 and a beta of 2.33. Joby Aviation has a 12-month low of $4.50 and a 12-month high of $10.72. The business has a fifty day simple moving average of $7.56 and a 200 day simple moving average of $6.18.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million during the quarter, compared to analyst estimates 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 in the prior year, the firm earned ($0.13) earnings per share. As a group, equities research analysts expect that Joby Aviation will post -0.69 EPS for the current year.

Insider Activity

In related news, insider Eric Allison sold 27,817 shares of Joby Aviation stock in a transaction on Monday, October 14th. The stock was sold at an average price of $5.56, for a total transaction of $154,662.52. Following the sale, the insider now directly owns 463,151 shares in the company, valued at approximately $2,575,119.56. This trade represents a 5.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the sale, the chief executive officer now directly owns 32,325,793 shares of the company’s stock, valued at approximately $318,085,803.12. This represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 355,160 shares of company stock worth $3,177,342 over the last quarter. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently bought and sold shares of the company. Ieq Capital LLC increased its holdings in Joby Aviation by 68.6% in the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after acquiring an additional 1,807,054 shares during the last quarter. State Street Corp lifted its stake in shares of Joby Aviation by 9.5% during the 3rd 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 in the last quarter. Geode Capital Management LLC boosted its holdings in 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 buying an additional 670,852 shares during the period. Susquehanna Fundamental Investments LLC grew its stake in Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after buying an additional 616,579 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Joby Aviation by 41.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after acquiring an additional 435,069 shares during the period. 52.85% of the stock is owned by institutional investors.

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.