Joby Aviation (NYSE:JOBY) Trading 1.1% Higher – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY) rose 1.1% during mid-day trading on Tuesday . The stock traded as high as $10.05 and last traded at $9.9240. Approximately 17,149,948 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 28,477,566 shares. The stock had previously closed at $9.82.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on JOBY. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research report on Thursday, February 26th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Thursday, March 12th. Needham & Company LLC cut their price objective on Joby Aviation to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Canaccord Genuity Group reissued a “hold” rating and set a $15.50 target price on shares of Joby Aviation in a report on Tuesday, February 3rd. Finally, JPMorgan Chase & Co. decreased their target price 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. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $13.81.

Joby Aviation Price Performance

The stock has a market cap of $9.05 billion, a price-to-earnings ratio of -8.71 and a beta of 2.59. The business’s 50 day moving average is $11.67 and its 200 day moving average is $13.90.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.06. The business had revenue of $30.84 million for the quarter, compared to analysts’ expectations of $16.88 million. The firm’s quarterly revenue was up 5506.5% on a year-over-year basis. During the same period last year, the firm earned ($0.34) earnings per share. As a group, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other Joby Aviation news, insider Gregory Bowles sold 11,530 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $9.62, for a total value of $110,918.60. Following the transaction, the insider directly owned 170,360 shares in the company, valued at $1,638,863.20. This represents a 6.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joeben Bevirt sold 3,238 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $10.25, for a total transaction of $33,189.50. Following the sale, the chief executive officer directly owned 249,048 shares in the company, valued at approximately $2,552,742. The trade was a 1.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,479,543 shares of company stock worth $16,143,725 over the last 90 days. Insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Joby Aviation by 13.2% in the third quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after acquiring an additional 5,828,189 shares in the last quarter. Man Group plc acquired a new stake in shares of Joby Aviation during the third quarter worth about $40,283,000. Norges Bank acquired a new stake in shares of Joby Aviation during the fourth quarter worth about $32,269,000. Clear Street Group Inc. purchased a new stake in shares of Joby Aviation in the 3rd quarter valued at about $36,264,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Joby Aviation by 80.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company’s stock valued at $44,672,000 after purchasing an additional 1,512,094 shares during the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

About Joby Aviation

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.