Joby Aviation, Inc. (NYSE:JOBY) Sees Large Growth in Short Interest

Joby Aviation, Inc. (NYSE:JOBY) was the recipient of a large increase in short interest in August. As of August 15th, there was short interest totalling 79,100,000 shares, an increase of 6.7% from the July 31st total of 74,110,000 shares. Approximately 20.4% of the company’s stock are sold short. Based on an average daily volume of 6,580,000 shares, the short-interest ratio is currently 12.0 days.

Joby Aviation Stock Performance

Shares of JOBY stock opened at $4.93 on Wednesday. Joby Aviation has a 52-week low of $4.50 and a 52-week high of $7.69. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of -6.49 and a beta of 1.98. The firm’s 50-day moving average is $5.52 and its 200-day moving average is $5.27.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.18). The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.28 million. During the same period last year, the firm earned ($0.17) EPS. Sell-side analysts predict that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kate Dehoff sold 5,815 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $6.76, for a total value of $39,309.40. Following the sale, the insider now directly owns 199,413 shares in the company, valued at $1,348,031.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Kate Dehoff sold 5,815 shares of Joby Aviation stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $6.76, for a total value of $39,309.40. Following the sale, the insider now owns 199,413 shares of the company’s stock, valued at approximately $1,348,031.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Matthew Field sold 5,642 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $5.19, for a total value of $29,281.98. Following the transaction, the insider now directly owns 294,238 shares of the company’s stock, valued at approximately $1,527,095.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 326,032 shares of company stock worth $1,613,336. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in JOBY. Nisa Investment Advisors LLC boosted its position in Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after purchasing an additional 5,840 shares during the period. Integris Wealth Management LLC acquired a new stake in shares of Joby Aviation during the 2nd quarter worth about $54,000. Dakota Wealth Management acquired a new position in Joby Aviation in the 2nd quarter valued at about $56,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in Joby Aviation in the 2nd quarter valued at about $57,000. Finally, Choreo LLC bought a new position in Joby Aviation in the 2nd quarter valued at about $60,000. 45.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Canaccord Genuity Group reduced their price objective on shares of Joby Aviation from $11.00 to $10.50 and set a “buy” rating for the company in a research note on Thursday, August 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Tuesday. JPMorgan Chase & Co. boosted their price target on Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, HC Wainwright started coverage on Joby Aviation in a report on Tuesday. They issued a “buy” rating and a $9.00 price objective for the company.

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.