Joby Aviation (NYSE:JOBY) Coverage Initiated at The Goldman Sachs Group

Research analysts at The Goldman Sachs Group started coverage on shares of Joby Aviation (NYSE:JOBY) in a report issued on Monday, Marketbeat reports. The firm set a “sell” rating and a $10.00 price target on the stock. The Goldman Sachs Group’s price target would suggest a potential downside of 27.77% from the company’s previous close.

Several other equities research analysts have also commented on JOBY. Needham & Company LLC restated a “buy” rating and issued a $22.00 price objective on shares of Joby Aviation in a research note on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research report on Wednesday, October 8th. Zacks Research raised Joby Aviation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. HC Wainwright reiterated a “neutral” rating on shares of Joby Aviation in a research note on Monday, November 24th. Finally, JPMorgan Chase & Co. increased their target price on shares of Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Joby Aviation presently has a consensus rating of “Reduce” and an average price target of $13.43.

Joby Aviation Stock Up 2.8%

NYSE JOBY opened at $13.85 on Monday. The company has a 50-day moving average price of $15.76 and a 200-day moving average price of $13.81. Joby Aviation has a 52 week low of $4.96 and a 52 week high of $20.95. The firm has a market capitalization of $12.62 billion, a P/E ratio of -10.33 and a beta of 2.53.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The company had revenue of $22.57 million for the quarter, compared to the consensus estimate of $0.02 million. During the same period last year, the business earned ($0.21) EPS. The company’s revenue for the quarter was up 7962.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Joby Aviation will post -0.69 EPS for the current year.

Insider Activity

In other news, insider Kate Dehoff sold 52,907 shares of Joby Aviation stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $15.76, for a total value of $833,814.32. Following the sale, the insider directly owned 149,369 shares of the company’s stock, valued at approximately $2,354,055.44. The trade was a 26.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Allison sold 27,537 shares of the stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the transaction, the insider directly owned 692,428 shares of the company’s stock, valued at approximately $11,660,487.52. The trade was a 3.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,154,802 shares of company stock valued at $17,844,775. 32.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently bought and sold shares of JOBY. Cetera Investment Advisers grew its stake in shares of Joby Aviation by 44.3% in the 1st quarter. Cetera Investment Advisers now owns 55,229 shares of the company’s stock worth $332,000 after buying an additional 16,953 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of Joby Aviation by 56.1% in the 1st quarter. LPL Financial LLC now owns 253,925 shares of the company’s stock valued at $1,529,000 after acquiring an additional 91,278 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Joby Aviation by 23.9% in the first quarter. PNC Financial Services Group Inc. now owns 14,928 shares of the company’s stock worth $90,000 after acquiring an additional 2,877 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new position in Joby Aviation in the first quarter worth about $401,000. Finally, Wealthspire Advisors LLC increased its stake in Joby Aviation by 25.1% during the first quarter. Wealthspire Advisors LLC now owns 14,954 shares of the company’s stock worth $90,000 after acquiring an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 52.85% of the company’s stock.

About Joby Aviation

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.