Joby Aviation (NYSE:JOBY) Stock Price Up 7.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares rose 7.3% on Thursday . The stock traded as high as $12.48 and last traded at $12.3150. Approximately 38,229,919 shares changed hands during mid-day trading, an increase of 37% from the average daily volume of 27,974,270 shares. The stock had previously closed at $11.48.

Analysts Set New Price Targets

JOBY has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Wednesday, May 6th. JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Thursday, February 26th. HC Wainwright reissued a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Thursday, March 12th. Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Morgan Stanley decreased their price objective on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $13.06.

Joby Aviation Stock Down 3.5%

The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. The firm has a market cap of $11.67 billion, a PE ratio of -10.32 and a beta of 2.61. The stock has a fifty day simple moving average of $9.50 and a two-hundred day simple moving average of $11.66.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.09. The business had revenue of $24.25 million during the quarter, compared to analyst estimates of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same quarter in the previous year, the firm earned ($0.11) EPS. As a group, sell-side analysts expect that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 74,844 shares of Joby Aviation stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $10.00, for a total transaction of $748,440.00. Following the completion of the transaction, the insider owned 676,008 shares of the company’s stock, valued at $6,760,080. The trade was a 9.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bonny W. Simi sold 7,696 shares of Joby Aviation stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $8.15, for a total value of $62,722.40. Following the sale, the insider owned 217,475 shares of the company’s stock, valued at approximately $1,772,421.25. This trade represents a 3.42% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,089,118 shares of company stock worth $10,449,476. 28.50% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

Large investors have recently modified their holdings of the business. DNB Asset Management AS boosted its position in shares of Joby Aviation by 16.3% during the 4th quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock valued at $4,835,000 after acquiring an additional 51,344 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Joby Aviation during the 3rd quarter valued at about $2,830,000. Kingsview Wealth Management LLC boosted its position in shares of Joby Aviation by 838.2% during the 3rd quarter. Kingsview Wealth Management LLC now owns 96,759 shares of the company’s stock valued at $1,562,000 after acquiring an additional 86,446 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Joby Aviation by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after acquiring an additional 2,540,382 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in shares of Joby Aviation by 32.6% during the 3rd quarter. New York State Common Retirement Fund now owns 193,856 shares of the company’s stock valued at $3,129,000 after acquiring an additional 47,705 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.