Joby Aviation (NYSE:JOBY) Price Target Raised to $11.50

Joby Aviation (NYSE:JOBY) had its price target hoisted by Canaccord Genuity Group from $9.75 to $11.50 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

JOBY has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their price target 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright reiterated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Finally, Needham & Company LLC began 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 investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Price Performance

Shares of JOBY opened at $8.76 on Wednesday. The firm has a market cap of $6.70 billion, a P/E ratio of -12.51 and a beta of 2.33. Joby Aviation has a 1 year low of $4.50 and a 1 year high of $10.72. The company has a 50 day simple moving average of $7.64 and a two-hundred day simple moving average of $6.20.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share 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 business posted ($0.13) earnings per share. On average, sell-side analysts anticipate that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Activity

In other news, insider Didier Papadopoulos sold 6,005 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the transaction, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Eric Allison sold 27,817 shares of Joby Aviation stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $5.56, for a total transaction of $154,662.52. Following the sale, the insider now owns 463,151 shares of the company’s stock, valued at $2,575,119.56. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 355,160 shares of company stock valued at $3,177,342. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in Joby Aviation by 41.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after purchasing an additional 435,069 shares in the last quarter. Principal Financial Group Inc. raised its holdings 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 acquiring an additional 20,280 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Joby Aviation by 67.1% in the second quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock worth $522,000 after acquiring an additional 41,128 shares during the period. CIBC Asset Management Inc bought a new position in Joby Aviation during the 2nd quarter worth about $101,000. Finally, Rhumbline Advisers increased its position in Joby Aviation by 26.7% during the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after purchasing an additional 115,483 shares during the period. Institutional investors own 52.85% 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.