Joby Aviation (NYSE:JOBY) Shares Up 6.3% – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) were up 6.3% on Tuesday . The company traded as high as $8.35 and last traded at $8.33. Approximately 8,134,651 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 13,099,999 shares. The stock had previously closed at $7.83.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Needham & Company LLC upped their price target on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. cut shares of Joby Aviation from a “neutral” rating to an “underweight” rating and lifted their target price for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. 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 upped their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Stock Down 1.5 %

The firm has a 50 day moving average of $8.27 and a 200 day moving average of $6.64. The firm has a market cap of $5.72 billion, a PE ratio of -10.68 and a beta of 2.33.

Insider Transactions at Joby Aviation

In related news, 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 transaction of $51,289.29. Following the completion of the transaction, the insider now owns 202,276 shares of the company’s stock, valued at approximately $1,502,910.68. The trade was a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 10,785 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $7.43, for a total transaction of $80,132.55. Following the completion of the sale, the chief executive officer now owns 793,036 shares in the company, valued at $5,892,257.48. This represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,023,005 shares of company stock valued at $8,667,288 over the last three months. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Creative Planning boosted its position in shares of Joby Aviation by 86.2% during the 3rd quarter. Creative Planning now owns 55,446 shares of the company’s stock valued at $279,000 after acquiring an additional 25,672 shares during the last quarter. Private Advisor Group LLC lifted its position in Joby Aviation by 45.3% during the third quarter. Private Advisor Group LLC now owns 34,513 shares of the company’s stock valued at $174,000 after purchasing an additional 10,765 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Joby Aviation by 403.0% during the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after buying an additional 9,188 shares in the last quarter. Modera Wealth Management LLC lifted its holdings in shares of Joby Aviation by 46.9% during the 3rd quarter. Modera Wealth Management LLC now owns 23,500 shares of the company’s stock worth $118,000 after acquiring an additional 7,500 shares during the last quarter. Finally, Fullcircle Wealth LLC grew its position in Joby Aviation by 40.0% in the third quarter. Fullcircle Wealth LLC now owns 21,000 shares of the company’s stock worth $111,000 after acquiring an additional 6,000 shares in the last quarter. 52.85% of the stock is currently owned by hedge funds and other 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.