Needham & Company LLC Begins Coverage on Joby Aviation (NYSE:JOBY)

Equities research analysts at Needham & Company LLC began coverage on shares of Joby Aviation (NYSE:JOBY) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $8.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 28.93% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. decreased their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Finally, Canaccord Genuity Group lowered their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Trading Down 2.0 %

Shares of JOBY opened at $6.21 on Tuesday. The firm’s fifty day simple moving average is $5.46 and its two-hundred day simple moving average is $5.35. Joby Aviation has a 12 month low of $4.50 and a 12 month high of $7.69. The stock has a market capitalization of $4.75 billion, a P/E ratio of -8.84 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the previous year, the company posted ($0.13) earnings per share. As a group, research analysts predict that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 27,898 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the transaction, the insider now directly owns 199,413 shares in the company, valued at approximately $1,096,771.50. This trade represents a 12.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Allison sold 27,817 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $5.56, for a total transaction of $154,662.52. Following the completion of the sale, the insider now owns 463,151 shares of the company’s stock, valued at approximately $2,575,119.56. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 525,499 shares of company stock worth $2,667,151. Insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Joby Aviation by 9.1% in the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after acquiring an additional 2,889,012 shares in the last quarter. Geode Capital Management LLC grew its stake in Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the period. State Street Corp increased its position in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after purchasing an additional 812,248 shares during the last quarter. Ieq Capital LLC raised its stake in shares of Joby Aviation by 68.6% during the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after purchasing an additional 1,807,054 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Joby Aviation by 41.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after buying an additional 435,069 shares during the last quarter. Institutional investors own 45.54% 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.