Joby Aviation (NYSE:JOBY) Shares Gap Up to $4.80

Shares of Joby Aviation, Inc. (NYSE:JOBY) gapped up before the market opened on Wednesday . The stock had previously closed at $4.80, but opened at $5.55. Joby Aviation shares last traded at $5.46, with a volume of 17,999,996 shares.

Analyst Ratings Changes

Several brokerages have commented on JOBY. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday. JPMorgan Chase & Co. upped their price target on shares of Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Canaccord Genuity Group decreased their price objective on shares of Joby Aviation from $11.00 to $10.50 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday.

Joby Aviation Stock Performance

The company’s fifty day simple moving average is $5.23 and its 200-day simple moving average is $5.21. The company has a market capitalization of $4.16 billion, a P/E ratio of -7.89 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.18). The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.28 million. During the same quarter in the prior year, the company earned ($0.17) EPS. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In other Joby Aviation news, insider Matthew Field sold 5,642 shares of Joby Aviation stock in a transaction on Monday, July 8th. The shares were sold at an average price of $5.19, for a total value of $29,281.98. Following the transaction, the insider now directly owns 294,238 shares of the company’s stock, valued at $1,527,095.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Matthew Field sold 5,642 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $5.19, for a total transaction of $29,281.98. Following the transaction, the insider now owns 294,238 shares in the company, valued at $1,527,095.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the completion of the sale, the insider now owns 18,035 shares of the company’s stock, valued at $92,699.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,165 shares of company stock worth $397,190. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Sanctuary Advisors LLC acquired a new position in shares of Joby Aviation in the second quarter valued at about $81,000. EP Wealth Advisors LLC acquired a new position in Joby Aviation in the 2nd quarter worth approximately $165,000. Algert Global LLC purchased a new position in Joby Aviation during the 2nd quarter worth approximately $90,000. Susquehanna Fundamental Investments LLC raised its position in Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after buying an additional 616,579 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Joby Aviation by 28.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock valued at $1,266,000 after acquiring an additional 55,340 shares during the period. Hedge funds and other institutional investors own 45.54% of the company’s stock.

About Joby Aviation

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.