Canaccord Genuity Group Increases Joby Aviation (NYSE:JOBY) Price Target to $12.00

Joby Aviation (NYSE:JOBY) had its price objective raised by research analysts at Canaccord Genuity Group from $11.50 to $12.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 76.99% from the company’s current price.

Several other analysts have also recently commented on JOBY. Morgan Stanley reiterated an “equal weight” rating and set a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, April 30th. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. JPMorgan Chase & Co. cut their price target on shares of 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 report on Monday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.67.

Joby Aviation Price Performance

Shares of NYSE:JOBY opened at $6.78 on Thursday. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of -9.69 and a beta of 2.34. The company has a 50 day moving average of $6.21 and a 200-day moving average of $7.05. Joby Aviation has a one year low of $4.66 and a one year high of $10.72.

Insider Buying and Selling

In other news, Director Paul Cahill Sciarra sold 166,667 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $5.73, for a total transaction of $955,001.91. Following the completion of the transaction, the director now directly owns 58,328,061 shares in the company, valued at $334,219,789.53. This represents a 0.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kate Dehoff sold 6,903 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $7.43, for a total value of $51,289.29. Following the sale, the insider now owns 202,276 shares in the company, valued at $1,502,910.68. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 668,827 shares of company stock valued at $4,108,524. Company insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of JOBY. Tidal Investments LLC raised its stake in Joby Aviation by 13.7% in the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after acquiring an additional 3,522 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Joby Aviation during the 4th quarter worth about $142,000. Watts Gwilliam & Co. LLC acquired a new stake in Joby Aviation during the 4th quarter worth approximately $154,000. Salem Investment Counselors Inc. boosted its stake in Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after purchasing an additional 5,000 shares during the period. Finally, Hamilton Lane Advisors LLC acquired a new position in Joby Aviation in the 4th quarter valued at $418,000. 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.