Needham & Company LLC Reiterates Buy Rating for Joby Aviation (NYSE:JOBY)

Joby Aviation (NYSE:JOBY)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report released on Thursday,Benzinga reports. They presently have a $22.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 46.96% from the company’s previous close.

A number of other brokerages also recently issued reports on JOBY. Canaccord Genuity Group downgraded shares of Joby Aviation from a “buy” rating to a “hold” rating and increased their price objective for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. Wall Street Zen cut shares of Joby Aviation from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. HC Wainwright cut shares of Joby Aviation from a “buy” rating to a “neutral” rating in a report on Thursday, August 7th. Morgan Stanley increased their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. Finally, Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday. 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $14.00.

Joby Aviation Stock Up 1.4%

Shares of Joby Aviation stock opened at $14.97 on Thursday. The company has a market capitalization of $12.81 billion, a price-to-earnings ratio of -13.99 and a beta of 2.52. Joby Aviation has a 12-month low of $4.87 and a 12-month high of $20.95. The firm’s 50-day moving average price is $15.71 and its two-hundred day moving average price is $12.73.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The business had revenue of $0.02 million for the quarter, compared to analysts’ expectations of $0.05 million. The firm’s quarterly revenue was down 94.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.18) EPS. On average, sell-side analysts expect that Joby Aviation will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Bonny W. Simi sold 173,456 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $17.25, for a total value of $2,992,116.00. Following the completion of the transaction, the insider owned 211,397 shares in the company, valued at $3,646,598.25. This trade represents a 45.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kate Dehoff sold 52,907 shares of the firm’s 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 completion of the transaction, the insider owned 149,369 shares of the company’s stock, valued at approximately $2,354,055.44. This trade represents a 26.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,830,880 shares of company stock worth $28,060,985 over the last quarter. 28.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in JOBY. GAMMA Investing LLC increased its position in Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock valued at $34,000 after purchasing an additional 5,015 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Joby Aviation by 54.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 23,112 shares of the company’s stock valued at $139,000 after purchasing an additional 8,185 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in Joby Aviation by 11.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 71,663 shares of the company’s stock valued at $431,000 after purchasing an additional 7,607 shares during the period. Teacher Retirement System of Texas acquired a new stake in Joby Aviation during the 1st quarter valued at approximately $168,000. Finally, Bank of New York Mellon Corp increased its position in Joby Aviation by 5.4% during the 1st quarter. Bank of New York Mellon Corp now owns 1,348,491 shares of the company’s stock valued at $8,118,000 after purchasing an additional 69,464 shares during the period. Institutional investors own 52.85% of the company’s stock.

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.