Joby Aviation (NYSE:JOBY) Stock Price Up 4.7% on Analyst Upgrade

Joby Aviation, Inc. (NYSE:JOBY)’s share price 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 mid-day trading, a decline of 69% from the average session volume of 18,065,621 shares. The stock had previously closed at $7.86.

JOBY has been the topic of a number of other reports. JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price target for the stock from $5.00 to $6.00 in a report on Friday, January 10th. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, December 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Finally, Canaccord Genuity Group boosted their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.30.

Insider Activity

In related news, insider Didier Papadopoulos sold 7,692 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $10.00, for a total value of $76,920.00. Following the completion of the transaction, the insider now owns 50,902 shares of the company’s stock, valued at approximately $509,020. This trade represents a 13.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kate Dehoff sold 6,205 shares of Joby Aviation stock in a transaction dated 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 of the company’s stock, valued at approximately $1,749,170.70. This represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 640,849 shares of company stock worth $5,601,747. 32.40% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Salem Investment Counselors Inc. increased its position in Joby Aviation by 5,000.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after acquiring an additional 5,000 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares during the period. Empowered Funds LLC bought a new position in shares of Joby Aviation during the third quarter valued at approximately $51,000. Sound Income Strategies LLC raised its holdings in shares of Joby Aviation by 3,311.3% in the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after buying an additional 10,000 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in shares of Joby Aviation by 403.0% during the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock worth $58,000 after acquiring an additional 9,188 shares during the last quarter. Hedge funds and other institutional investors own 52.85% of the company’s stock.

Joby Aviation Stock Performance

The stock has a fifty day moving average of $7.88 and a 200-day moving average of $6.29. The company has a market cap of $6.41 billion, a PE ratio of -11.96 and a beta of 2.33.

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

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.