Joby Aviation (NYSE:JOBY) Shares Up 3.3% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price rose 3.3% on Thursday . The stock traded as high as $10.42 and last traded at $10.4070. Approximately 23,834,772 shares changed hands during trading, a decline of 14% from the average daily volume of 27,558,020 shares. The stock had previously closed at $10.07.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, March 12th. Canaccord Genuity Group lowered their target price on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a report on Thursday, May 7th. Weiss Ratings downgraded shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Finally, Oppenheimer set a $18.00 price objective on Joby Aviation in a research note on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $13.06.

Joby Aviation Stock Up 5.0%

The firm’s 50-day moving average price is $9.31 and its 200 day moving average price is $11.78. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $10.75 billion, a price-to-earnings ratio of -9.50 and a beta of 2.61.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results 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. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The business had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. During the same quarter last year, the business posted ($0.11) EPS. On average, sell-side analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, insider Didier Papadopoulos sold 12,965 shares of Joby Aviation stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $8.15, for a total value of $105,664.75. Following the transaction, the insider owned 147,678 shares in the company, valued at $1,203,575.70. The trade was a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Joeben Bevirt sold 421,019 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $10.38, for a total value of $4,370,177.22. Following the transaction, the chief executive officer directly owned 31,678,802 shares of the company’s stock, valued at approximately $328,825,964.76. The trade was a 1.31% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,096,111 shares of company stock worth $10,504,153. 28.50% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of JOBY. Vanguard Group Inc. boosted its holdings in shares of Joby Aviation by 13.2% during the 3rd 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 in the last quarter. Renaissance Technologies LLC raised its position in Joby Aviation by 194.5% in the first quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock valued at $33,083,000 after purchasing an additional 2,645,200 shares during the last quarter. Man Group plc acquired a new stake in shares of Joby Aviation during the third quarter valued at about $40,283,000. Norges Bank bought a new stake in shares of Joby Aviation during the fourth quarter worth about $32,269,000. Finally, Clear Street Group Inc. acquired a new position in shares of Joby Aviation in the third quarter valued at approximately $36,264,000. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

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.