Joby Aviation (NYSE:JOBY) Price Target Raised to $11.50 at Canaccord Genuity Group

Joby Aviation (NYSE:JOBY) had its target price increased by Canaccord Genuity Group from $9.75 to $11.50 in a research report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the company. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. 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. JPMorgan Chase & Co. cut their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. Finally, Needham & Company LLC began coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Joby Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Stock Performance

Shares of Joby Aviation stock opened at $8.76 on Wednesday. The company has a market capitalization of $6.70 billion, a PE ratio of -12.51 and a beta of 2.33. The company has a 50-day simple moving average of $7.64 and a two-hundred day simple moving average of $6.20. Joby Aviation has a one year low of $4.50 and a one year high of $10.72.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter last year, the firm earned ($0.13) EPS. On average, equities analysts predict that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the sale, the chief executive officer now directly owns 32,325,793 shares of the company’s stock, valued at approximately $318,085,803.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric Allison sold 27,817 shares of Joby Aviation stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $5.56, for a total value of $154,662.52. Following the transaction, the insider now owns 463,151 shares of the company’s stock, valued at $2,575,119.56. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 355,160 shares of company stock valued at $3,177,342 in the last ninety days. Insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ieq Capital LLC lifted its stake in shares of Joby Aviation by 68.6% in the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after purchasing an additional 1,807,054 shares during the period. State Street Corp raised its position in shares of Joby Aviation by 9.5% in the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after acquiring an additional 812,248 shares during the period. Geode Capital Management LLC boosted its stake in shares of Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after acquiring an additional 670,852 shares in the last quarter. Susquehanna Fundamental Investments LLC grew its position in shares of Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after acquiring an additional 616,579 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Joby Aviation by 41.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after purchasing an additional 435,069 shares in the last quarter. Institutional investors and hedge funds 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.