Joby Aviation (NYSE:JOBY) Trading 1.5% Higher – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares traded up 1.5% during trading on Monday . The stock traded as high as $9.89 and last traded at $9.6890. 21,836,845 shares were traded during mid-day trading, a decline of 22% from the average session volume of 28,024,793 shares. The stock had previously closed at $9.55.

Analyst Ratings Changes

Several research analysts recently commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Thursday, February 26th. Canaccord Genuity Group cut their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Wednesday, May 6th. Weiss Ratings downgraded shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Joby Aviation in a research note on Thursday, March 12th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $13.06.

Joby Aviation Stock Down 4.4%

The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The firm has a market capitalization of $8.72 billion, a PE ratio of -7.71 and a beta of 2.66. The company’s 50 day simple moving average is $9.74 and its 200-day simple moving average is $11.43.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The business had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $20.17 million. During the same period in the prior year, the company posted ($0.11) EPS. On average, analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, CFO Rodrigo Brumana sold 78,489 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $11.30, for a total value of $886,925.70. Following the sale, the chief financial officer directly owned 81,694 shares in the company, valued at $923,142.20. This represents a 49.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Joeben Bevirt sold 421,019 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the completion of the sale, the chief executive officer owned 31,678,802 shares in the company, valued at $328,825,964.76. This represents a 1.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 1,566,838 shares of company stock worth $16,167,306. Company insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lingotto Investment Management LLP raised its position in shares of Joby Aviation by 34.2% during the 4th quarter. Lingotto Investment Management LLP now owns 3,138,240 shares of the company’s stock valued at $41,425,000 after buying an additional 799,260 shares in the last quarter. DNB Asset Management AS raised its position in shares of Joby Aviation by 16.3% during the 4th quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock valued at $4,835,000 after buying an additional 51,344 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Joby Aviation during the 3rd quarter valued at $2,830,000. Kingsview Wealth Management LLC raised its position in shares of Joby Aviation by 838.2% during the 3rd quarter. Kingsview Wealth Management LLC now owns 96,759 shares of the company’s stock valued at $1,562,000 after buying an additional 86,446 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Joby Aviation by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after buying an additional 2,540,382 shares in the last quarter. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.