Canaccord Genuity Group Reiterates Buy Rating for Joby Aviation (NYSE:JOBY)

Joby Aviation (NYSE:JOBY)‘s stock had its “buy” rating reiterated by investment analysts at Canaccord Genuity Group in a report issued on Friday, Benzinga reports. They currently have a $10.50 price target on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 76.47% from the stock’s previous close.

JOBY has been the topic of a number of other research reports. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. JPMorgan Chase & Co. boosted their price objective on Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Finally, HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday.

Joby Aviation Trading Up 6.1 %

NYSE JOBY opened at $5.95 on Friday. The business’s fifty day moving average is $5.21 and its 200 day moving average is $5.22. Joby Aviation has a fifty-two week low of $4.50 and a fifty-two week high of $7.69.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.18). The company had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.28 million. During the same quarter last year, the firm posted ($0.17) earnings per share. As a group, equities research analysts predict that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $5.33, for a total value of $32,113.25. Following the sale, the insider now directly owns 47,474 shares of the company’s stock, valued at approximately $253,036.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Didier Papadopoulos sold 6,025 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the transaction, the insider now directly owns 47,474 shares of the company’s stock, valued at approximately $253,036.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the sale, the chief executive officer now directly owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 481,976 shares of company stock worth $2,424,045 in the last 90 days. 32.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Joby Aviation by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after purchasing an additional 2,889,012 shares during the last quarter. Ieq Capital LLC increased its position in Joby Aviation by 68.6% during the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after acquiring an additional 1,807,054 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Joby Aviation in the first quarter valued at $15,357,000. Bank of New York Mellon Corp lifted its holdings in shares of Joby Aviation by 41.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after acquiring an additional 435,069 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC grew its holdings in Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares during the last quarter. 45.54% of the stock is currently owned by hedge funds and other institutional investors.

Joby Aviation Company Profile

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.