Joby Aviation (NYSE:JOBY) Shares Gap Up – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $10.04, but opened at $10.53. Joby Aviation shares last traded at $10.2850, with a volume of 6,819,542 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on JOBY shares. The Goldman Sachs Group initiated coverage on Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 price objective on the stock. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, February 26th. HC Wainwright upgraded shares of Joby Aviation from a “neutral” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Thursday, February 26th. Canaccord Genuity Group restated a “hold” rating and set a $15.50 target price on shares of Joby Aviation in a research report on Tuesday, February 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a research report on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $13.81.

Joby Aviation Stock Performance

The stock has a market cap of $9.30 billion, a PE ratio of -8.95 and a beta of 2.59. The company’s 50-day moving average price is $12.08 and its two-hundred day moving average price is $14.06.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $30.84 million for the quarter, compared to analysts’ expectations of $16.88 million. The company’s revenue for the quarter was up 5506.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.34) EPS. Equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Kate Dehoff sold 28,260 shares of the firm’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total transaction of $415,987.20. Following the transaction, the insider directly owned 149,369 shares of the company’s stock, valued at approximately $2,198,711.68. This trade represents a 15.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Eric Allison sold 32,448 shares of the business’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.25, for a total value of $429,936.00. Following the completion of the sale, the insider directly owned 659,980 shares of the company’s stock, valued at approximately $8,744,735. This trade represents a 4.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,470,074 shares of company stock valued at $16,083,913 over the last three months. 32.40% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

Institutional investors have recently modified their holdings of the company. Fifth Third Bancorp grew its position in shares of Joby Aviation by 207.4% in the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after buying an additional 1,348 shares during the last quarter. Asset Planning Inc lifted its stake in Joby Aviation by 70.0% in the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after acquiring an additional 700 shares during the period. EverSource Wealth Advisors LLC increased its position in Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after purchasing an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Joby Aviation in the 4th quarter worth $28,000. Finally, Canton Hathaway LLC purchased a new stake in shares of Joby Aviation in the 3rd quarter worth about $29,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.