Joby Aviation (NYSE:JOBY) Trading 2.1% Higher – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares traded up 2.1% on Tuesday . The stock traded as high as $8.85 and last traded at $8.69. 6,558,160 shares were traded during trading, a decline of 54% from the average session volume of 14,165,378 shares. The stock had previously closed at $8.51.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley restated an “equal weight” rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. HC Wainwright reiterated a “buy” rating and issued a $13.00 target price (up from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. JPMorgan Chase & Co. cut their price target on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $12.00 price objective on shares of Joby Aviation in a research note on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.33.

Joby Aviation Stock Up 3.1%

The stock has a fifty day moving average of $7.30 and a two-hundred day moving average of $7.38. The stock has a market cap of $6.95 billion, a price-to-earnings ratio of -10.45 and a beta of 2.39.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. During the same quarter in the previous year, the firm posted ($0.14) EPS. On average, research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In related news, insider Didier Papadopoulos sold 4,683 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $8.90, for a total value of $41,678.70. Following the sale, the insider now directly owns 79,654 shares of the company’s stock, valued at approximately $708,920.60. This represents a 5.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Motor Corp/ Toyota bought 49,701,790 shares of the business’s stock in a transaction on Thursday, May 22nd. The shares were acquired at an average price of $5.03 per share, with a total value of $250,000,003.70. Following the transaction, the director now owns 122,573,621 shares of the company’s stock, valued at $616,545,313.63. The trade was a 68.20% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 579,271 shares of company stock valued at $3,486,563. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of JOBY. Toyota Motor Corp acquired a new position in Joby Aviation in the 4th quarter valued at about $640,259,000. Uber Technologies Inc purchased a new stake in Joby Aviation in the 4th quarter valued at about $207,842,000. Vanguard Group Inc. increased its stake in shares of Joby Aviation by 15.8% during the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after acquiring an additional 6,388,232 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Joby Aviation by 331.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock worth $34,634,000 after acquiring an additional 3,272,597 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Joby Aviation in the first quarter worth approximately $18,936,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.