Stock Traders Buy High Volume of Call Options on Joby Aviation (NYSE:JOBY)

Joby Aviation, Inc. (NYSE:JOBY) saw some unusual options trading on Wednesday. Stock investors acquired 76,993 call options on the company. This represents an increase of approximately 46% compared to the typical daily volume of 52,603 call options.

Joby Aviation Stock Up 9.1%

Shares of Joby Aviation stock opened at $17.03 on Thursday. The stock has a market capitalization of $14.58 billion, a P/E ratio of -15.91 and a beta of 2.52. Joby Aviation has a 12-month low of $4.80 and a 12-month high of $20.95. The stock has a 50 day moving average price of $15.57 and a two-hundred day moving average price of $12.38.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The business had revenue of $0.02 million for the quarter, compared to analysts’ expectations of $0.05 million. Joby Aviation’s revenue for the quarter was down 94.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.18) earnings per share. Sell-side analysts anticipate that Joby Aviation will post -0.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. Wall Street Zen downgraded Joby Aviation from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. increased their price objective on Joby Aviation from $5.00 to $7.00 and gave the stock an “underweight” rating in a report on Friday, August 1st. Zacks Research downgraded Joby Aviation from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Finally, HC Wainwright downgraded Joby Aviation from a “buy” rating to a “neutral” rating in a report on Thursday, August 7th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $11.83.

Insider Buying and Selling

In related news, insider Kate Dehoff sold 52,907 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $15.76, for a total value of $833,814.32. Following the transaction, the insider owned 149,369 shares in the company, valued at approximately $2,354,055.44. This represents a 26.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Eric Allison sold 27,537 shares of the stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the transaction, the insider owned 692,428 shares in the company, valued at $11,660,487.52. This represents a 3.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,830,880 shares of company stock worth $28,060,985 over the last ninety days. 28.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently made changes to their positions in the stock. CWM LLC increased its stake in Joby Aviation by 8.1% during the second quarter. CWM LLC now owns 9,156 shares of the company’s stock valued at $97,000 after acquiring an additional 689 shares during the period. Asset Planning Inc grew its holdings in shares of Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after purchasing an additional 700 shares in the last quarter. GPS Wealth Strategies Group LLC increased 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 purchasing an additional 750 shares during the period. Allworth Financial LP raised its stake in shares of Joby Aviation by 11.9% in the second quarter. Allworth Financial LP now owns 7,197 shares of the company’s stock valued at $76,000 after purchasing an additional 763 shares in the last quarter. Finally, Flagship Harbor Advisors LLC raised its stake in Joby Aviation by 2.6% during the second quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company’s stock worth $335,000 after acquiring an additional 800 shares in the last quarter. 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.