Joby Aviation (NYSE:JOBY) Trading Up 8.1% – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY) rose 8.1% during mid-day trading on Tuesday . The stock traded as high as $8.30 and last traded at $8.24. Approximately 7,541,352 shares were traded during trading, a decline of 15% from the average daily volume of 8,844,245 shares. The stock had previously closed at $7.62.

Analysts Set New Price Targets

Several research analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Needham & Company LLC assumed coverage on Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target for the company. Canaccord Genuity Group cut their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. dropped their price target on shares of 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 research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Price Performance

The firm has a market capitalization of $6.32 billion, a P/E ratio of -11.80 and a beta of 2.32. The firm has a 50-day moving average price of $6.72 and a two-hundred day moving average price of $5.85.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data 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). The company had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period last year, the firm earned ($0.13) earnings per share. Sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, insider Matthew Field sold 11,764 shares of the stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $5.78, for a total transaction of $67,995.92. Following the transaction, the insider now directly owns 298,786 shares in the company, valued at $1,726,983.08. This represents a 3.79 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the completion of the sale, the chief executive officer now owns 32,674,274 shares of the company’s stock, 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 508,731 shares of company stock worth $2,621,909 in the last ninety days. 32.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in JOBY. Intech Investment Management LLC bought a new stake in Joby Aviation during the third quarter valued at about $518,000. Fred Alger Management LLC raised its stake in shares of Joby Aviation by 89.4% during the 3rd quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after acquiring an additional 58,229 shares in the last quarter. Caprock Group LLC boosted its stake in Joby Aviation by 179.5% in the third quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock valued at $626,000 after acquiring an additional 79,896 shares in the last quarter. Susquehanna Fundamental Investments LLC grew its holdings in Joby Aviation by 1,018.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares during the last quarter. Finally, Holocene Advisors LP increased its position in shares of Joby Aviation by 91.7% during the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock worth $2,622,000 after purchasing an additional 249,375 shares in the last quarter. 52.85% of the stock is currently owned by hedge funds and other 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.