Joby Aviation (NYSE:JOBY) Shares Up 19.2% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares were up 19.2% during mid-day trading on Friday . The stock traded as high as $9.67 and last traded at $9.64. Approximately 13,987,660 shares traded hands during trading, an increase of 18% from the average daily volume of 11,806,186 shares. The stock had previously closed at $8.09.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Needham & Company LLC started coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price on the stock. Canaccord Genuity Group cut their price target on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Up 18.8 %

The stock has a 50-day simple moving average of $7.09 and a 200 day simple moving average of $6.01. The company has a market cap of $7.35 billion, a PE ratio of -13.73 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the company posted ($0.13) EPS. As a group, research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Matthew Field sold 5,643 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $5.96, for a total transaction of $33,632.28. Following the completion of the sale, the insider now directly owns 293,143 shares of the company’s stock, valued at $1,747,132.28. This represents a 1.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kate Dehoff sold 27,898 shares of the company’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 sale, the insider now owns 199,413 shares of the company’s stock, valued at $1,096,771.50. This trade represents a 12.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,390 shares of company stock worth $466,229 over the last three months. Insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds have recently modified their holdings of the business. Tidal Investments LLC boosted its position in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after purchasing an additional 3,522 shares in the last quarter. Kensington Investment Counsel LLC grew its stake in Joby Aviation by 12.0% in the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after acquiring an additional 3,653 shares during the last quarter. Amalgamated Bank raised its position in Joby Aviation by 46.2% during the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after acquiring an additional 4,391 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares in the last quarter. Finally, EP Wealth Advisors LLC grew its position in shares of Joby Aviation by 15.4% in the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock valued at $188,000 after purchasing an additional 5,000 shares during the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

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.