Joby Aviation (NYSE:JOBY) Receives “Buy” Rating from Canaccord Genuity Group

Joby Aviation (NYSE:JOBY)‘s stock had its “buy” rating reiterated by stock analysts at Canaccord Genuity Group in a research note issued to investors on Friday, Benzinga reports. They currently have a $10.50 price objective on the stock. Canaccord Genuity Group’s price target points to a potential upside of 77.66% from the company’s previous close.

A number of other brokerages have also recently weighed in on JOBY. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th.

Joby Aviation Price Performance

Shares of NYSE JOBY traded up $0.30 during mid-day trading on Friday, hitting $5.91. The company had a trading volume of 8,545,961 shares, compared to its average volume of 5,968,696. The company has a market capitalization of $4.19 billion, a PE ratio of -7.71 and a beta of 1.97. Joby Aviation has a 1-year low of $4.50 and a 1-year high of $7.69. The business’s 50-day simple moving average is $5.22 and its 200 day simple moving average is $5.22.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.18). The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. On average, analysts expect that Joby Aviation will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In other news, insider Matthew Field sold 5,642 shares of Joby Aviation stock in a transaction on Monday, July 8th. The shares were sold at an average price of $5.19, for a total transaction of $29,281.98. Following the transaction, the insider now owns 294,238 shares in the company, valued at approximately $1,527,095.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Matthew Field sold 5,642 shares of the 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 completion of the sale, the insider now directly owns 294,238 shares of the company’s stock, valued at $1,527,095.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kate Dehoff sold 5,815 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $6.76, for a total value of $39,309.40. Following the completion of the sale, the insider now directly owns 199,413 shares of the company’s stock, valued at $1,348,031.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 481,976 shares of company stock worth $2,424,045 over the last ninety days. Insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC grew its position in Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Joby Aviation by 215.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company’s stock worth $1,965,000 after buying an additional 270,794 shares during the period. Rhumbline Advisers boosted its stake in Joby Aviation by 26.7% during the second quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock worth $2,798,000 after buying an additional 115,483 shares during the period. Vanguard Group Inc. boosted its stake in Joby Aviation by 9.1% during the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after buying an additional 2,889,012 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in Joby Aviation by 84.3% during the first quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock worth $1,084,000 after buying an additional 92,508 shares during the period. Hedge funds and other institutional investors own 45.54% 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.