Joby Aviation (NYSE:JOBY) Trading 2.3% Higher – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price was up 2.3% during trading on Friday . The company traded as high as $14.51 and last traded at $14.4450. Approximately 6,079,344 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 26,871,428 shares. The stock had previously closed at $14.12.

Analyst Upgrades and Downgrades

Several analysts recently commented on JOBY shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a research report on Wednesday, October 8th. Canaccord Genuity Group downgraded shares of Joby Aviation from a “buy” rating to a “hold” rating and increased their target price for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. JPMorgan Chase & Co. boosted their price target on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price objective on shares of Joby Aviation in a research note on Thursday, November 6th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Joby Aviation in a research note on Monday, November 24th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Joby Aviation presently has a consensus rating of “Reduce” and an average price target of $14.00.

Joby Aviation Price Performance

The stock’s 50-day moving average is $15.86 and its 200 day moving average is $13.67. The stock has a market cap of $13.17 billion, a price-to-earnings ratio of -10.78 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm had revenue of $22.57 million during the quarter, compared to analyst estimates of $0.02 million. The company’s quarterly revenue was up 7962.1% on a year-over-year basis. During the same period last year, the business posted ($0.21) earnings per share. Analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insiders Place Their Bets

In other Joby Aviation news, CEO Joeben Bevirt sold 253,600 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $16.29, for a total transaction of $4,131,144.00. Following the transaction, the chief executive officer directly owned 60,273,162 shares in the company, valued at approximately $981,849,808.98. This represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kate Dehoff sold 52,907 shares of Joby Aviation stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $15.76, for a total transaction of $833,814.32. Following the sale, the insider owned 149,369 shares of the company’s stock, valued at approximately $2,354,055.44. The trade was a 26.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,154,802 shares of company stock worth $17,844,775. Insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently modified their holdings of JOBY. Asset Planning Inc raised its holdings in Joby Aviation by 70.0% during the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after purchasing an additional 700 shares during the last quarter. Strategic Advocates LLC acquired a new position in shares of Joby Aviation during the 3rd quarter worth $29,000. Canton Hathaway LLC acquired a new position in shares of Joby Aviation during the 3rd quarter worth $29,000. Hilltop National Bank purchased a new stake in shares of Joby Aviation in the 3rd quarter worth about $32,000. Finally, Ancora Advisors LLC acquired a new stake in Joby Aviation in the 3rd quarter valued at about $35,000. 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.