Joby Aviation (NYSE:JOBY) Shares Up 5.8% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares rose 5.8% during mid-day trading on Wednesday . The company traded as high as $11.19 and last traded at $11.1020. Approximately 32,688,659 shares changed hands during mid-day trading, an increase of 18% from the average daily volume of 27,748,891 shares. The stock had previously closed at $10.49.

Analyst Ratings Changes

A number of analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, February 26th. JPMorgan Chase & Co. dropped their target price on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Thursday, February 26th. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday. Finally, Canaccord Genuity Group decreased their price target on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $13.06.

Joby Aviation Stock Up 5.8%

The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The stock’s fifty day simple moving average is $9.22 and its two-hundred day simple moving average is $12.08. The company has a market capitalization of $10.87 billion, a price-to-earnings ratio of -9.65 and a beta of 2.61.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same quarter in the previous year, the company posted ($0.11) EPS. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Insider Activity at Joby Aviation

In other news, insider Didier Papadopoulos sold 3,394 shares of the firm’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $8.76, for a total transaction of $29,731.44. Following the completion of the sale, the insider directly owned 144,284 shares of the company’s stock, valued at $1,263,927.84. This trade represents a 2.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Allison sold 74,844 shares of Joby Aviation stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $10.00, for a total value of $748,440.00. Following the completion of the transaction, the insider owned 676,008 shares in the company, valued at $6,760,080. The trade was a 9.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,308,584 shares of company stock worth $12,409,110. 32.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors have recently bought and sold shares of the stock. Strategic Advocates LLC acquired a new stake in Joby Aviation during the 3rd quarter worth about $29,000. Fifth Third Bancorp boosted its holdings in shares of Joby Aviation by 207.4% in the fourth 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 period. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Joby Aviation in the fourth quarter worth approximately $28,000. Ancora Advisors LLC purchased a new position in shares of Joby Aviation in the third quarter worth approximately $35,000. Finally, Pandora Wealth Inc. acquired a new stake in shares of Joby Aviation during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.