Joby Aviation (NYSE:JOBY) Hits New 12-Month High – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $8.62 and last traded at $8.50, with a volume of 6368178 shares traded. The stock had previously closed at $7.90.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on JOBY. Canaccord Genuity Group reduced their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. JPMorgan Chase & Co. lowered their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. Finally, Needham & Company LLC assumed coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Joby Aviation has a consensus rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Price Performance

The business has a 50 day simple moving average of $5.65 and a 200 day simple moving average of $5.42. The stock has a market cap of $6.14 billion, a PE ratio of -11.27 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its 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 during the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter last year, the firm earned ($0.13) earnings per share. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In other Joby Aviation news, insider Kate Dehoff sold 27,898 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the completion of the sale, the insider now 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 can be accessed through the SEC website. Also, insider Gregory Bowles sold 7,748 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the sale, the insider now owns 29,235 shares in the company, valued at approximately $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 535,526 shares of company stock valued at $2,745,708 over the last 90 days. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Larson Financial Group LLC boosted its holdings in shares of Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after acquiring an additional 5,000 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after buying an additional 5,840 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Joby Aviation in the third quarter valued at about $51,000. Sound Income Strategies LLC lifted its position in Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after buying an additional 10,000 shares in the last quarter. Finally, Integris Wealth Management LLC bought a new stake in Joby Aviation during the 2nd quarter worth about $54,000. 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.