Joby Aviation (NYSE:JOBY) Trading 5% Higher – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) was up 5% on Friday . The stock traded as high as $11.25 and last traded at $10.9240. Approximately 35,723,908 shares changed hands during trading, an increase of 29% from the average daily volume of 27,642,625 shares. The stock had previously closed at $10.40.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on JOBY shares. Oppenheimer set a $18.00 price target on Joby Aviation in a report on Thursday, February 26th. Weiss Ratings cut Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Morgan Stanley lowered their price target on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Canaccord Genuity Group lowered their price target on Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $13.06.

Joby Aviation Trading Up 5.0%

The stock has a fifty day moving average of $9.30 and a 200 day moving average of $11.79. The company has a market capitalization of $10.75 billion, a P/E ratio of -9.50 and a beta of 2.61. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The company had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $20.17 million. During the same period last year, the firm earned ($0.11) EPS. As a group, equities research analysts anticipate that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Joeben Bevirt sold 421,019 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $10.38, for a total value of $4,370,177.22. Following the transaction, the chief executive officer directly owned 31,678,802 shares of the company’s stock, valued at approximately $328,825,964.76. This trade represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Didier Papadopoulos sold 12,965 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $8.15, for a total value of $105,664.75. Following the completion of the sale, the insider owned 147,678 shares of the company’s stock, valued at $1,203,575.70. The trade was a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,096,111 shares of company stock worth $10,504,153 in the last quarter. Company 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 bought and sold shares of JOBY. Fifth Third Bancorp raised its holdings in Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after acquiring an additional 1,348 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Joby Aviation by 284.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after acquiring an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Joby Aviation during the fourth quarter valued at about $28,000. Strategic Advocates LLC bought a new stake in Joby Aviation during the third quarter valued at about $29,000. Finally, Pandora Wealth Inc. bought a new stake in Joby Aviation during the fourth quarter valued at about $32,000. 52.85% of the stock is owned by institutional investors.

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.