Joby Aviation (NYSE:JOBY) Hits New 52-Week High – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) hit a new 52-week high during mid-day trading on Saturday . The company traded as high as $9.82 and last traded at $9.77, with a volume of 29006756 shares changing hands. The stock had previously closed at $8.09.

Wall Street Analyst Weigh In

JOBY has been the topic of several recent research reports. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Needham & Company LLC started coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target on the stock. Canaccord Genuity Group reduced their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Performance

The stock has a market cap of $7.47 billion, a P/E ratio of -13.96 and a beta of 2.32. The stock has a 50-day moving average price of $7.18 and a 200-day moving average price of $6.05.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to the consensus estimate 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 firm earned ($0.13) earnings per share. Sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 7,748 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the sale, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joeben Bevirt sold 23,886 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the transaction, the chief executive officer now owns 768,293 shares in the company, valued at $6,207,807.44. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,468 shares of company stock valued at $640,422 over the last 90 days. 32.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC bought a new position in shares of Joby Aviation during the third quarter valued at about $518,000. Fred Alger Management LLC boosted its holdings in Joby Aviation by 89.4% during the 3rd quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after acquiring an additional 58,229 shares during the period. Caprock Group LLC grew its position in Joby Aviation by 179.5% during the 3rd quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock worth $626,000 after acquiring an additional 79,896 shares during the last quarter. Susquehanna Fundamental Investments LLC increased its stake in Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares during the period. Finally, Holocene Advisors LP lifted its position in 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 purchasing an additional 249,375 shares during the last quarter. Hedge funds and other institutional investors own 52.85% 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.