Joby Aviation (NYSE:JOBY) Trading Up 4.2% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded up 4.2% on Friday . The stock traded as high as $14.95 and last traded at $14.9150. 52,753,279 shares changed hands during trading, an increase of 94% from the average session volume of 27,133,703 shares. The stock had previously closed at $14.32.

Analysts Set New Price Targets

JOBY has been the subject of several recent research reports. Zacks Research upgraded Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Canaccord Genuity Group downgraded shares of Joby Aviation from a “buy” rating to a “hold” rating and upped their price target for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. HC Wainwright cut shares of Joby Aviation from a “buy” rating to a “neutral” rating in a research note on Thursday, August 7th. Morgan Stanley boosted their price objective on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, October 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $14.00.

Joby Aviation Trading Up 4.2%

The company has a market capitalization of $12.77 billion, a price-to-earnings ratio of -11.13 and a beta of 2.52. The firm’s 50-day moving average price is $15.71 and its 200 day moving average price is $12.74.

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

Insider Activity

In related news, CEO Joeben Bevirt sold 253,600 shares of the firm’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $16.29, for a total transaction of $4,131,144.00. Following the sale, the chief executive officer owned 60,273,162 shares of the company’s stock, valued at $981,849,808.98. This trade represents a 0.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Didier Papadopoulos sold 15,439 shares of the business’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total value of $259,066.42. Following the sale, the insider owned 103,206 shares in the company, valued at $1,731,796.68. This represents a 13.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,657,424 shares of company stock valued at $25,068,869. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Several hedge funds have recently bought and sold shares of the business. Asset Planning Inc raised its holdings in shares of Joby Aviation by 70.0% in the 3rd 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 last quarter. EverSource Wealth Advisors LLC increased its holdings in Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after purchasing an additional 1,880 shares in the last quarter. Canton Hathaway LLC purchased a new stake in shares of Joby Aviation in the third quarter worth approximately $29,000. Hilltop National Bank bought a new position in shares of Joby Aviation in the third quarter valued at approximately $32,000. Finally, GPS Wealth Strategies Group LLC boosted its position in shares of Joby Aviation by 32.0% during the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company’s stock valued at $33,000 after buying an additional 750 shares during the last quarter. Institutional investors and hedge funds 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.