Joby Aviation (NYSE:JOBY) Trading Up 4.7% Following Analyst Upgrade

Joby Aviation, Inc. (NYSE:JOBY) shot up 4.7% during trading on Wednesday after Needham & Company LLC raised their price target on the stock from $8.00 to $10.00. Needham & Company LLC currently has a buy rating on the stock. Joby Aviation traded as high as $8.49 and last traded at $8.23. 5,609,354 shares were traded during trading, a decline of 69% from the average session volume of 18,065,621 shares. The stock had previously closed at $7.86.

A number of other analysts have also issued reports on JOBY. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, December 18th. Canaccord Genuity Group raised their price objective on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. downgraded Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price objective for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $9.30.

Insiders Place Their Bets

In other Joby Aviation news, insider Kate Dehoff sold 6,205 shares of Joby Aviation stock in a transaction on Monday, January 13th. The stock was sold at an average price of $8.10, for a total value of $50,260.50. Following the completion of the transaction, the insider now owns 215,947 shares in the company, valued at approximately $1,749,170.70. The trade was a 2.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the transaction, the insider now owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 638,982 shares of company stock worth $5,586,157. 32.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors have recently bought and sold shares of JOBY. Commonwealth Equity Services LLC raised its position in Joby Aviation by 67.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock valued at $522,000 after purchasing an additional 41,128 shares during the last quarter. Rhumbline Advisers raised its position in Joby Aviation by 26.7% in the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after purchasing an additional 115,483 shares during the last quarter. Choreo LLC bought a new position in Joby Aviation in the 2nd quarter valued at $60,000. Amalgamated Bank raised its position in Joby Aviation by 46.2% in the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after purchasing an additional 4,391 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its position in Joby Aviation by 142.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,200 shares of the company’s stock valued at $129,000 after purchasing an additional 14,805 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Trading Up 3.1 %

The company has a 50 day moving average price of $7.81 and a 200 day moving average price of $6.27. The company has a market capitalization of $6.20 billion, a price-to-earnings ratio of -11.57 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm had revenue of $0.28 million during 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 period last year, the business posted ($0.13) earnings per share. Equities analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Joby Aviation Company Profile

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.