Joby Aviation (NYSE:JOBY) Stock Price Up 0.2% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shot up 0.2% during mid-day trading on Thursday . The company traded as high as $6.60 and last traded at $6.59. 2,739,069 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 10,682,610 shares. The stock had previously closed at $6.57.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group boosted their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. JPMorgan Chase & Co. dropped their target price on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, February 27th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Price Performance

The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of -8.75 and a beta of 2.35. The firm has a fifty day moving average of $7.25 and a 200 day moving average of $6.91.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 7,692 shares of the firm’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 sale, the insider now directly owns 50,902 shares of the company’s stock, valued at approximately $509,020. This trade represents a 13.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bonny W. Simi sold 31,489 shares of the company’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 value of $262,303.37. Following the transaction, the insider now directly owns 137,097 shares of the company’s stock, valued at approximately $1,142,018.01. The trade was a 18.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,191,832 shares of company stock worth $9,796,214 in the last three months. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors have recently bought and sold shares of JOBY. Intech Investment Management LLC purchased a new position in shares of Joby Aviation in the third quarter valued at approximately $518,000. Larson Financial Group LLC lifted its holdings in Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in shares of Joby Aviation during the third quarter worth $79,000. Verition Fund Management LLC raised its position in shares of Joby Aviation by 118.9% in the third quarter. Verition Fund Management LLC now owns 78,339 shares of the company’s stock valued at $394,000 after buying an additional 42,544 shares during the last quarter. Finally, Fred Alger Management LLC lifted its stake in shares of Joby Aviation by 89.4% in the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after buying an additional 58,229 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.