Joby Aviation’s (JOBY) “Buy” Rating Reaffirmed at Needham & Company LLC

Joby Aviation (NYSE:JOBY)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report released on Thursday,Benzinga reports. They currently have a $10.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 42.96% from the stock’s current price.

Other research analysts have also issued research reports about the stock. HC Wainwright restated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, December 18th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and upped their price target for the company from $5.00 to $6.00 in a research note on Friday, January 10th. Finally, Canaccord Genuity Group upped their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Joby Aviation presently has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Stock Up 3.6 %

NYSE JOBY opened at $7.00 on Thursday. Joby Aviation has a 52 week low of $4.50 and a 52 week high of $10.72. The firm has a market cap of $5.35 billion, a PE ratio of -9.99 and a beta of 2.33. The company has a 50 day moving average price of $8.14 and a 200 day moving average price of $6.72.

Insider Activity

In other news, Director Paul Cahill Sciarra sold 333,334 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the sale, the director now directly owns 58,661,395 shares of the company’s stock, valued at $470,464,387.90. This represents a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the sale, the insider now directly owns 54,776 shares in the company, valued at $419,036.40. This trade represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,018,699 shares of company stock valued at $8,628,124 in the last ninety days. Insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds have recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new stake in Joby Aviation during the third quarter worth $518,000. Rheos Capital Works Inc. boosted its holdings in Joby Aviation by 17.0% during the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock worth $19,553,000 after buying an additional 350,000 shares in the last quarter. Fred Alger Management LLC boosted its holdings in Joby Aviation by 89.4% during the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after buying an additional 58,229 shares in the last quarter. Hamilton Lane Advisors LLC purchased a new stake in Joby Aviation during the fourth quarter worth $418,000. Finally, Entropy Technologies LP purchased a new stake in Joby Aviation during the fourth quarter worth $300,000. 52.85% of the stock is 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.