Joby Aviation (NYSE:JOBY) Shares Up 7.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shot up 7.3% during mid-day trading on Thursday . The stock traded as high as $12.48 and last traded at $12.3150. 38,229,919 shares changed hands during trading, an increase of 37% from the average session volume of 27,974,270 shares. The stock had previously closed at $11.48.

Analyst Ratings Changes

Several brokerages recently issued reports on JOBY. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. JPMorgan Chase & Co. reduced their price target on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. Canaccord Genuity Group reduced their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Weiss Ratings cut Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $13.06.

Joby Aviation Price Performance

The stock has a market capitalization of $12.11 billion, a P/E ratio of -10.71 and a beta of 2.61. 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 fifty day simple moving average of $9.40 and a two-hundred day simple moving average of $11.68.

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

Insider Buying and Selling

In other news, insider Kate Dehoff sold 14,295 shares of the company’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $8.73, for a total value of $124,795.35. Following the completion of the sale, the insider directly owned 163,567 shares of the company’s stock, valued at $1,427,939.91. This represents a 8.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joeben Bevirt sold 421,019 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $10.38, for a total value of $4,370,177.22. Following the completion of the sale, the chief executive officer directly owned 31,678,802 shares of the company’s stock, valued at approximately $328,825,964.76. This trade represents a 1.31% decrease in their ownership of the stock. 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 quarter, insiders sold 1,089,118 shares of company stock valued at $10,449,476. Insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Institutional investors and hedge funds have recently modified their holdings of the stock. Strategic Advocates LLC bought a new stake in shares of Joby Aviation in the 3rd quarter valued at about $29,000. Fifth Third Bancorp increased its stake in shares of Joby Aviation by 207.4% in the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after acquiring an additional 1,348 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Joby Aviation in the 4th quarter valued at about $28,000. Ancora Advisors LLC bought a new stake in shares of Joby Aviation in the 3rd quarter valued at about $35,000. Finally, Pandora Wealth Inc. bought a new stake in Joby Aviation during the 4th quarter worth approximately $32,000. 52.85% of the stock is owned by institutional investors.

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.