Joby Aviation (NYSE:JOBY) Sees Strong Trading Volume – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) saw an uptick in trading volume on Thursday . 4,208,643 shares were traded during trading, a decline of 53% from the previous session’s volume of 8,874,433 shares.The stock last traded at $8.46 and had previously closed at $8.26.

Wall Street Analysts Forecast Growth

JOBY has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC began coverage on Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. 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. Finally, Canaccord Genuity Group reduced their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday, October 29th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Trading Down 2.5 %

The stock has a 50-day moving average price of $6.91 and a 200 day moving average price of $5.92. The stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of -12.76 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.28 million during the quarter, compared to analyst estimates 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 in the previous year, the business posted ($0.13) earnings per share. Equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other Joby Aviation news, insider Matthew Field sold 11,764 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $5.78, for a total transaction of $67,995.92. Following the completion of the sale, the insider now directly owns 298,786 shares in the company, valued at approximately $1,726,983.08. The trade was a 3.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Allison sold 27,817 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $5.56, for a total value of $154,662.52. Following the completion of the transaction, the insider now owns 463,151 shares in the company, valued at approximately $2,575,119.56. This trade represents a 5.67 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 508,731 shares of company stock worth $2,621,909. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its position in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after acquiring an additional 435,069 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Joby Aviation by 59.6% in the second quarter. Principal Financial Group Inc. now owns 54,294 shares of the company’s stock valued at $277,000 after purchasing an additional 20,280 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Joby Aviation by 67.1% in the second quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock valued at $522,000 after purchasing an additional 41,128 shares during the last quarter. Flaharty Asset Management LLC lifted its position in Joby Aviation by 25.0% during the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock worth $76,000 after buying an additional 3,000 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Joby Aviation during the second quarter worth $101,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

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.