Joby Aviation (NYSE:JOBY) Trading Up 1.3% – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price rose 1.3% during trading on Thursday . The stock traded as high as $8.62 and last traded at $8.00. Approximately 19,376,426 shares were traded during mid-day trading, an increase of 143% from the average daily volume of 7,983,466 shares. The stock had previously closed at $7.90.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on JOBY. 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 report on Tuesday, October 29th. Canaccord Genuity Group lowered their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, October 2nd. Finally, Needham & Company LLC assumed coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Trading Up 11.9 %

The stock has a market cap of $6.85 billion, a price-to-earnings ratio of -12.79 and a beta of 1.97. The company has a fifty day simple moving average of $5.84 and a 200-day simple moving average of $5.48.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) 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 firm had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter last year, the company posted ($0.13) EPS. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Didier Papadopoulos sold 6,025 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the completion of the sale, the insider now directly owns 47,474 shares in the company, valued at approximately $253,036.42. This trade represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew Field sold 5,643 shares of Joby Aviation stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $5.96, for a total value of $33,632.28. Following the sale, the insider now owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. This represents a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 535,526 shares of company stock valued at $2,745,708. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently bought and sold shares of JOBY. Tidal Investments LLC increased its holdings in shares of Joby Aviation by 13.7% during the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after acquiring an additional 3,522 shares during the last quarter. Geode Capital Management LLC grew its holdings in Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the last quarter. Kensington Investment Counsel LLC raised its position in shares of Joby Aviation by 12.0% in the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after purchasing an additional 3,653 shares during the period. EP Wealth Advisors LLC lifted its stake in shares of Joby Aviation by 15.4% in the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock worth $188,000 after buying an additional 5,000 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after buying an additional 812,248 shares during the period. 45.54% of the stock is currently owned by institutional investors.

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.