Joby Aviation (NYSE:JOBY) Shares Up 3.5% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price was up 3.5% on Thursday . The company traded as high as $15.56 and last traded at $15.53. Approximately 15,826,687 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 26,463,740 shares. The stock had previously closed at $15.01.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on JOBY. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price target on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a report on Friday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price target on shares of Joby Aviation in a research report on Thursday, November 6th. HC Wainwright reissued a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. Finally, Morgan Stanley raised their target price on Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, October 9th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $13.43.

Joby Aviation Price Performance

The firm has a 50 day moving average of $15.67 and a 200-day moving average of $14.12. The stock has a market capitalization of $14.16 billion, a P/E ratio of -11.59 and a beta of 2.53.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm 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 firm earned ($0.21) earnings per share. The business’s revenue for the quarter was up 7962.1% compared to the same quarter last year. As a group, equities analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In other news, insider Kate Dehoff sold 52,907 shares of the firm’s stock in a transaction 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 completion of the sale, the insider directly owned 149,369 shares in the company, valued at approximately $2,354,055.44. This trade represents a 26.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Eric Allison sold 27,537 shares of Joby Aviation stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the transaction, the insider directly owned 692,428 shares of the company’s stock, valued at $11,660,487.52. This represents a 3.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,154,802 shares of company stock worth $17,844,775. 28.50% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

Several hedge funds have recently modified their holdings of the stock. Toyota Motor Corp raised its position in Joby Aviation by 63.1% in the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock worth $1,355,194,000 after purchasing an additional 49,701,790 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Joby Aviation by 13.2% during the third quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after acquiring an additional 5,828,189 shares during the period. Nuveen LLC acquired a new position in shares of Joby Aviation during the first quarter valued at $18,936,000. Rheos Capital Works Inc. boosted its holdings in Joby Aviation by 58.2% in the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock valued at $76,013,000 after acquiring an additional 2,650,000 shares during the last quarter. Finally, Man Group plc acquired a new stake in Joby Aviation in the third quarter worth about $40,283,000. 52.85% of the stock is owned by institutional investors.

Joby Aviation Company Profile

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.