Joby Aviation (NYSE:JOBY) Stock Price Up 3.7% – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded up 3.7% during mid-day trading on Friday . The stock traded as high as $6.48 and last traded at $6.56. 4,709,208 shares were traded during mid-day trading, a decline of 56% from the average session volume of 10,603,933 shares. The stock had previously closed at $6.33.

Wall Street Analyst Weigh In

Several brokerages recently commented on JOBY. 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 note on Thursday, February 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. HC Wainwright restated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Finally, Canaccord Genuity Group lifted their target price 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. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Stock Up 2.7 %

The stock has a market capitalization of $5.12 billion, a PE ratio of -9.31 and a beta of 2.35. The firm’s fifty day moving average is $7.45 and its 200-day moving average is $6.85.

Insider Buying and Selling

In related news, insider Kate Dehoff sold 6,903 shares of the stock in a transaction dated 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 directly owns 202,276 shares of the company’s stock, valued at $1,502,910.68. This represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Joeben Bevirt sold 23,886 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total transaction of $192,998.88. Following the transaction, the chief executive officer now owns 768,293 shares in the company, valued at $6,207,807.44. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,015,470 shares of company stock valued at $8,600,479 over the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Toyota Motor Corp acquired a new position in Joby Aviation during the fourth quarter worth about $640,259,000. Uber Technologies Inc acquired a new position in Joby Aviation during the fourth quarter worth about $207,842,000. Vanguard Group Inc. grew its position in shares of Joby Aviation by 15.8% in the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after purchasing an additional 6,388,232 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Joby Aviation by 331.4% in the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after purchasing an additional 3,272,597 shares during the last quarter. Finally, Baillie Gifford & Co. grew its position in shares of Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock valued at $447,412,000 after purchasing an additional 2,281,161 shares during 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.