Brokerages Set Joby Aviation, Inc. (NYSE:JOBY) Price Target at $13.06

Joby Aviation, Inc. (NYSE:JOBY) has earned an average recommendation of “Reduce” from the nine research firms that are covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $13.0625.

JOBY has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Joby Aviation in a report on Wednesday, May 6th. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Weiss Ratings cut Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Oppenheimer set a $18.00 price objective on Joby Aviation in a report on Thursday, February 26th. Finally, JPMorgan Chase & Co. dropped their price objective on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Thursday, February 26th.

Joby Aviation Price Performance

JOBY opened at $9.14 on Wednesday. The business has a fifty day moving average of $9.80 and a 200 day moving average of $11.36. Joby Aviation has a 52-week low of $7.75 and a 52-week high of $20.95. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36. The stock has a market cap of $8.99 billion, a P/E ratio of -7.95 and a beta of 2.66.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The company had revenue of $24.25 million during the quarter, compared to analysts’ expectations of $20.17 million. During the same quarter in the previous year, the business earned ($0.11) EPS. As a group, sell-side analysts anticipate that Joby Aviation will post -0.83 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 4,602 shares of Joby Aviation stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $11.47, for a total transaction of $52,784.94. Following the completion of the sale, the insider directly owned 182,319 shares of the company’s stock, valued at $2,091,198.93. The trade was a 2.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Cahill Sciarra sold 416,666 shares of Joby Aviation stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $12.02, for a total value of $5,008,325.32. Following the sale, the director directly owned 55,911,391 shares of the company’s stock, valued at approximately $672,054,919.82. This trade represents a 0.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,566,838 shares of company stock worth $16,167,306 over the last quarter. Insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of JOBY. Vanguard Group Inc. raised its position in Joby Aviation by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after purchasing an additional 5,828,189 shares in the last quarter. Renaissance Technologies LLC raised its position in Joby Aviation by 194.5% during the 1st quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock valued at $33,083,000 after purchasing an additional 2,645,200 shares in the last quarter. Man Group plc bought a new stake in Joby Aviation during the 3rd quarter valued at $40,283,000. Norges Bank bought a new stake in Joby Aviation during the 4th quarter valued at $32,269,000. Finally, Clear Street Group Inc. bought a new stake in Joby Aviation during the 3rd quarter valued at $36,264,000. 52.85% of the stock is owned by institutional investors.

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.