Joby Aviation (NYSE:JOBY) Trading Up 2.7% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shot up 2.7% during trading on Thursday . The company traded as high as $8.51 and last traded at $8.4960. 23,276,176 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 27,340,619 shares. The stock had previously closed at $8.27.

Analysts Set New Price Targets

A number of equities analysts have issued reports on JOBY shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. Canaccord Genuity Group reiterated a “hold” rating and issued a $15.50 target price on shares of Joby Aviation in a report on Tuesday, February 3rd. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research report on Thursday, February 26th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, March 12th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $13.81.

Joby Aviation Stock Up 2.7%

The firm has a market cap of $7.75 billion, a PE ratio of -7.45 and a beta of 2.68. The company has a 50-day simple moving average of $10.15 and a two-hundred day simple moving average of $13.50.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.06. The business 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% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.34) earnings per share. As a group, equities analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other news, insider Kate Dehoff sold 8,539 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $9.88, for a total transaction of $84,365.32. Following the completion of the sale, the insider owned 159,877 shares in the company, valued at $1,579,584.76. This trade represents a 5.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joeben Bevirt sold 3,238 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $10.25, for a total value of $33,189.50. Following the completion of the transaction, the chief executive officer owned 249,048 shares in the company, valued at approximately $2,552,742. The trade was a 1.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,453,920 shares of company stock worth $15,781,396. Insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp grew its stake in shares of Joby Aviation by 207.4% during the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after acquiring an additional 1,348 shares during the period. Asset Planning Inc raised its stake in Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after acquiring an additional 700 shares during the period. EverSource Wealth Advisors LLC raised its stake in Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after acquiring an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Joby Aviation during the fourth quarter valued at about $28,000. Finally, Canton Hathaway LLC purchased a new stake in Joby Aviation during the third quarter valued at about $29,000. 52.85% of the stock is currently owned by 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.