Joby Aviation (NYSE:JOBY) Now Covered by Needham & Company LLC

Needham & Company LLC assumed coverage on shares of Joby Aviation (NYSE:JOBY) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $8.00 price target on the stock.

JOBY has been the topic of a number of other research reports. Canaccord Genuity Group cut their price target on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright reissued a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Trading Up 4.3 %

NYSE JOBY opened at $7.09 on Tuesday. Joby Aviation has a 12-month low of $4.50 and a 12-month high of $7.69. The firm’s fifty day simple moving average is $5.51 and its two-hundred day simple moving average is $5.36. The firm has a market capitalization of $5.42 billion, a P/E ratio of -10.01 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter in the previous year, the company posted ($0.13) EPS. As a group, sell-side analysts predict that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In other news, insider Didier Papadopoulos sold 6,025 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the sale, the insider now directly owns 47,474 shares in the company, valued at $253,036.42. The trade was a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Matthew Field sold 5,643 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $5.96, for a total value of $33,632.28. Following the transaction, the insider now owns 293,143 shares in the company, valued at $1,747,132.28. This trade represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 527,778 shares of company stock worth $2,683,104 in the last three months. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in shares of Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the period. Kensington Investment Counsel LLC boosted its holdings in Joby Aviation by 12.0% in the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after buying an additional 3,653 shares during the last quarter. EP Wealth Advisors LLC boosted its holdings in Joby Aviation by 15.4% in the 3rd quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock worth $188,000 after buying an additional 5,000 shares during the last quarter. State Street Corp raised its holdings in shares of Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after acquiring an additional 812,248 shares during the last quarter. Finally, Holocene Advisors LP lifted its position in shares of Joby Aviation by 91.7% in the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after acquiring an additional 249,375 shares in the last quarter. 45.54% of the stock is currently owned by institutional investors and hedge funds.

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.