Joby Aviation (NYSE:JOBY) Trading Up 5.7% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) was up 5.7% during mid-day trading on Tuesday . The company traded as high as $11.79 and last traded at $11.54. Approximately 47,470,781 shares traded hands during trading, an increase of 70% from the average daily volume of 27,845,740 shares. The stock had previously closed at $10.92.

Analysts Set New Price Targets

A number of analysts recently issued reports on JOBY shares. Canaccord Genuity Group lowered their price target 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. JPMorgan Chase & Co. reduced 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 report on Thursday, February 26th. Morgan Stanley reduced their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $13.06.

Joby Aviation Price Performance

The stock’s 50-day moving average price is $9.45 and its 200 day moving average price is $11.66. The firm has a market capitalization of $12.11 billion, a price-to-earnings ratio of -10.71 and a beta of 2.61. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.09. The business had revenue of $24.25 million during 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 period in the prior year, the business earned ($0.11) earnings per share. Equities research analysts expect that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 4,602 shares of Joby Aviation stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $11.47, for a total transaction of $52,784.94. Following the completion of the sale, the insider directly owned 182,319 shares in the company, valued at $2,091,198.93. This trade represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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, insider Eric Allison sold 74,844 shares of Joby Aviation stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total transaction of $748,440.00. Following the sale, the insider owned 676,008 shares of the company’s stock, valued at approximately $6,760,080. This represents a 9.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,089,118 shares of company stock valued at $10,449,476 in the last ninety days. Insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Institutional investors have recently made changes to their positions in the stock. Strategic Advocates LLC acquired a new stake in shares of Joby Aviation during the third quarter valued at about $29,000. Fifth Third Bancorp increased its position in shares of Joby Aviation by 207.4% during the fourth 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 acquired a new stake in shares of Joby Aviation during the fourth quarter valued at about $28,000. Ancora Advisors LLC purchased a new position in shares of Joby Aviation in the third quarter valued at approximately $35,000. Finally, Pandora Wealth Inc. purchased a new position in shares of Joby Aviation in the fourth quarter valued at approximately $32,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.