Joby Aviation (NYSE:JOBY) Shares Up 10.7% – Here’s What Happened

by · The Cerbat Gem

Joby Aviation, Inc. (NYSE:JOBY – Get Free Report) shares traded up 10.7% during mid-day trading on Monday . The stock traded as high as $7.99 and last traded at $7.85. 16,347,164 shares were traded during mid-day trading, an increase of 111% from the average session volume of 7,761,757 shares. The stock had previously closed at $7.09.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on JOBY. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, October 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Needham & Company LLC started coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price for the company. Canaccord Genuity Group dropped their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $8.35.

Check Out Our Latest Analysis on Joby Aviation

Joby Aviation Stock Performance

The business has a 50 day simple moving average of $5.54 and a 200-day simple moving average of $5.38. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of -11.21 and a beta of 1.97.

Joby Aviation (NYSE:JOBY – Get Free Report) 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). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. During the same period in the previous year, the firm earned ($0.13) EPS. As a group, research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In related news, insider Kate Dehoff sold 27,898 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the completion of the sale, the insider now directly owns 199,413 shares of the company’s stock, valued at approximately $1,096,771.50. This trade represents a 12.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 527,778 shares of company stock valued at $2,683,104 over the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC grew its position in shares of Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after acquiring an additional 5,000 shares during the period. Nisa Investment Advisors LLC grew its holdings in Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after purchasing an additional 5,840 shares during the period. Empowered Funds LLC purchased a new stake in Joby Aviation in the third quarter worth $51,000. Sound Income Strategies LLC lifted its position in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after buying an additional 10,000 shares during the last quarter. Finally, Integris Wealth Management LLC bought a new position in shares of Joby Aviation during the 2nd quarter worth $54,000. Institutional investors own 45.54% of the company’s stock.

About Joby Aviation

(Get Free Report)

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.

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