Joby Aviation (NYSE:JOBY) Shares Gap Up – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY) gapped up prior to trading on Thursday . The stock had previously closed at $6.70, but opened at $7.09. Joby Aviation shares last traded at $6.74, with a volume of 2,554,487 shares traded.

Wall Street Analyst Weigh In

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

Joby Aviation Trading Up 2.1 %

The company has a 50-day moving average of $8.17 and a 200-day moving average of $6.71. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of -9.80 and a beta of 2.33.

Insiders Place Their Bets

In other Joby Aviation news, insider Didier Papadopoulos sold 7,692 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $10.00, for a total value of $76,920.00. Following the completion of the transaction, the insider now directly owns 50,902 shares of the company’s stock, valued at approximately $509,020. The trade was a 13.13 % 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, insider Bonny W. Simi sold 31,489 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the sale, the insider now directly owns 137,097 shares in the company, valued at $1,142,018.01. The trade was a 18.68 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,018,699 shares of company stock valued at $8,628,124. 32.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently made changes to their positions in JOBY. Intech Investment Management LLC acquired a new stake in shares of Joby Aviation during the 3rd quarter worth approximately $518,000. Rheos Capital Works Inc. lifted its stake in shares of Joby Aviation by 17.0% in the 4th quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock valued at $19,553,000 after purchasing an additional 350,000 shares during the last quarter. Fred Alger Management LLC increased its position in shares of Joby Aviation by 89.4% during the 3rd quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after purchasing an additional 58,229 shares during the last quarter. Hamilton Lane Advisors LLC purchased a new position in Joby Aviation during the fourth quarter worth about $418,000. Finally, Entropy Technologies LP acquired a new stake in shares of Joby Aviation during the fourth quarter valued at about $300,000. Institutional investors and hedge funds 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.