Joby Aviation (NYSE:JOBY) Price Target Lowered to $9.75 at Canaccord Genuity Group

Joby Aviation (NYSE:JOBY) had its price objective reduced by Canaccord Genuity Group from $10.50 to $9.75 in a report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. increased their target price on Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th.

Joby Aviation Stock Performance

JOBY opened at $5.01 on Tuesday. The stock’s 50 day moving average price is $5.32 and its 200-day moving average price is $5.29. Joby Aviation has a 52-week low of $4.50 and a 52-week high of $7.69. The stock has a market capitalization of $3.58 billion, a PE ratio of -10.21 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.18). The business had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.28 million. During the same period last year, the business earned ($0.17) earnings per share. Research analysts forecast that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In related news, CEO Joeben Bevirt sold 250,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total value of $1,212,500.00. Following the transaction, the chief executive officer now directly owns 32,674,274 shares of the company’s stock, valued at $158,470,228.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the sale, the chief executive officer now owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul Cahill Sciarra sold 166,666 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $5.15, for a total transaction of $858,329.90. Following the transaction, the director now owns 59,828,059 shares of the company’s stock, valued at $308,114,503.85. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 525,499 shares of company stock valued at $2,667,151 in the last quarter. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently bought and sold shares of JOBY. Flaharty Asset Management LLC grew its stake in shares of Joby Aviation by 25.0% in the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock valued at $76,000 after buying an additional 3,000 shares in the last quarter. ProShare Advisors LLC raised its holdings in Joby Aviation by 8.5% during the first quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after purchasing an additional 3,942 shares in the last quarter. Amalgamated Bank lifted its position in shares of Joby Aviation by 46.2% during the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after buying an additional 4,391 shares during the last quarter. Cetera Advisors LLC boosted its holdings in shares of Joby Aviation by 32.9% in the 1st quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock valued at $109,000 after buying an additional 5,025 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after purchasing an additional 5,840 shares during the last quarter. 45.54% of the stock is currently owned by institutional investors and hedge funds.

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.