Cantor Fitzgerald Reaffirms “Overweight” Rating for Joby Aviation (NYSE:JOBY)

Joby Aviation (NYSE:JOBY)‘s stock had its “overweight” rating reissued by Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $10.00 target price on the stock. Cantor Fitzgerald’s price target points to a potential upside of 93.80% from the stock’s previous close.

Several other equities analysts have also weighed in on the company. Canaccord Genuity Group reduced their price objective on Joby Aviation from $11.00 to $10.50 and set a “buy” rating for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. upped their price target on shares of Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, HC Wainwright started coverage on Joby Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $9.00 price target for the company.

Joby Aviation Price Performance

Shares of Joby Aviation stock remained flat at $5.16 during trading hours on Monday. 965,306 shares of the company’s stock were exchanged, compared to its average volume of 5,500,378. The stock has a market cap of $3.66 billion, a P/E ratio of -6.84 and a beta of 1.97. The business has a 50 day simple moving average of $5.48 and a two-hundred day simple moving average of $5.22. Joby Aviation has a 12-month low of $4.50 and a 12-month high of $7.69.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.18). The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.28 million. During the same quarter last year, the business posted ($0.17) EPS. As a group, equities analysts forecast that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Joby Aviation

In related news, insider Didier Papadopoulos sold 23,188 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $4.86, for a total value of $112,693.68. Following the transaction, the insider now owns 54,666 shares of the company’s stock, valued at $265,676.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $4.86, for a total value of $1,215,000.00. Following the completion of the sale, the chief executive officer now owns 32,724,274 shares of the company’s stock, valued at approximately $159,039,971.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Didier Papadopoulos sold 23,188 shares of Joby Aviation stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $4.86, for a total value of $112,693.68. Following the completion of the transaction, the insider now directly owns 54,666 shares in the company, valued at $265,676.76. The disclosure for this sale can be found here. Insiders sold a total of 327,840 shares of company stock worth $1,624,660 over the last three months. 32.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in JOBY. Nisa Investment Advisors LLC increased its holdings in Joby Aviation by 216.3% during the 2nd 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. Integris Wealth Management LLC purchased a new position in shares of Joby Aviation during the second quarter valued at approximately $54,000. Dakota Wealth Management bought a new position in shares of Joby Aviation during the second quarter valued at approximately $56,000. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in Joby Aviation in the second quarter worth $57,000. Finally, Choreo LLC bought a new stake in Joby Aviation in the second quarter valued at $60,000. Institutional investors own 45.54% 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.