Joby Aviation (NYSE:JOBY) Trading Up 5.2% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded up 5.2% on Monday . The stock traded as high as $10.06 and last traded at $10.05. 24,359,970 shares were traded during mid-day trading, a decline of 15% from the average session volume of 28,751,922 shares. The stock had previously closed at $9.55.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on JOBY shares. JPMorgan Chase & Co. lowered their price objective on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. HC Wainwright raised shares of Joby Aviation from a “neutral” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Thursday, February 26th. Oppenheimer set a $18.00 price objective on Joby Aviation in a research report on Thursday, February 26th. Needham & Company LLC decreased their target price on Joby Aviation to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Finally, The Goldman Sachs Group began coverage on Joby Aviation in a report on Monday, December 1st. They set a “sell” rating and a $10.00 price target for the company. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Trading Up 5.2%

The firm’s 50-day moving average price is $12.15 and its 200-day moving average price is $14.09. The stock has a market capitalization of $9.16 billion, a PE ratio of -8.82 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.06. The company had revenue of $30.84 million for the quarter, compared to the consensus estimate of $16.88 million. During the same period in the previous year, the firm earned ($0.34) earnings per share. The company’s revenue was up 5506.5% compared to the same quarter last year. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, insider Eric Allison sold 32,448 shares of the stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $13.25, for a total value of $429,936.00. Following the sale, the insider owned 659,980 shares in the company, valued at $8,744,735. This trade represents a 4.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joeben Bevirt sold 507,182 shares of Joby Aviation stock in a transaction on Monday, February 9th. The stock was sold at an average price of $10.62, for a total value of $5,386,272.84. Following the sale, the chief executive officer owned 31,997,802 shares of the company’s stock, valued at approximately $339,816,657.24. This trade represents a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,470,074 shares of company stock worth $16,083,913 in the last 90 days. 28.50% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp raised its stake in Joby Aviation by 207.4% in the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after buying an additional 1,348 shares during the last quarter. Asset Planning Inc grew its stake in shares of Joby Aviation by 70.0% during the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after acquiring an additional 700 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Joby Aviation by 284.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after acquiring an additional 1,880 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Joby Aviation in the 4th quarter valued at approximately $28,000. Finally, Canton Hathaway LLC purchased a new position in shares of Joby Aviation in the 3rd quarter valued at approximately $29,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.