Joby Aviation (NYSE:JOBY) Trading 5.7% Higher – Time to Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded up 5.7% during trading on Tuesday . The company traded as high as $11.79 and last traded at $11.54. 47,470,781 shares changed hands during mid-day trading, an increase of 70% from the average session volume of 27,845,740 shares. The stock had previously closed at $10.92.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on JOBY shares. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Morgan Stanley lowered their price target on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a research report on Thursday, March 12th. Finally, Weiss Ratings cut shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Joby Aviation presently has a consensus rating of “Reduce” and a consensus price target of $13.06.

Joby Aviation Trading Up 5.7%

The stock’s fifty day simple moving average is $9.33 and its 200-day simple moving average is $11.72. The firm has a market cap of $11.35 billion, a PE ratio of -10.03 and a beta of 2.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05.

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

Insider Transactions at Joby Aviation

In other news, insider Kate Dehoff sold 14,295 shares of the stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $8.73, for a total value of $124,795.35. Following the sale, the insider owned 163,567 shares in the company, valued at $1,427,939.91. This represents a 8.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joeben Bevirt sold 421,019 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the completion of the sale, the chief executive officer owned 31,678,802 shares in the company, valued at $328,825,964.76. The trade was a 1.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,081,030 shares of company stock valued at $10,359,251. 28.50% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Joby Aviation by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after buying an additional 2,540,382 shares during the period. Geode Capital Management LLC grew its position in shares of Joby Aviation by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock valued at $155,671,000 after purchasing an additional 390,794 shares during the period. State Street Corp grew its position in shares of Joby Aviation by 5.0% in the fourth quarter. State Street Corp now owns 10,812,929 shares of the company’s stock valued at $142,731,000 after purchasing an additional 512,129 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Joby Aviation by 6.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock valued at $57,697,000 after purchasing an additional 271,475 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Joby Aviation by 41.2% in the third quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock valued at $67,661,000 after purchasing an additional 1,223,412 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

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.