Joby Aviation (NYSE:JOBY) Shares Up 0.9% – Time to Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY) were up 0.9% during mid-day trading on Monday . The company traded as high as $10.05 and last traded at $9.86. Approximately 10,112,613 shares changed hands during trading, a decline of 40% from the average daily volume of 16,774,855 shares. The stock had previously closed at $9.77.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Needham & Company LLC started coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group cut their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Performance

The stock has a market capitalization of $7.47 billion, a PE ratio of -13.96 and a beta of 2.33. The firm’s 50 day moving average is $7.18 and its two-hundred day moving average is $6.06.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter last year, the company earned ($0.13) EPS. On average, analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other news, CEO Joeben Bevirt sold 23,886 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the sale, the chief executive officer now owns 768,293 shares in the company, valued at approximately $6,207,807.44. The trade was a 3.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric Allison sold 27,817 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $5.56, for a total transaction of $154,662.52. Following the completion of the sale, the insider now directly owns 463,151 shares of the company’s stock, valued at approximately $2,575,119.56. This trade represents a 5.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,468 shares of company stock worth $640,422 over the last 90 days. 32.40% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its position 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 valued at $7,521,000 after purchasing an additional 435,069 shares during the period. Principal Financial Group Inc. grew its position in shares of Joby Aviation by 59.6% during the second quarter. Principal Financial Group Inc. now owns 54,294 shares of the company’s stock worth $277,000 after acquiring an additional 20,280 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Joby Aviation by 67.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock valued at $522,000 after acquiring an additional 41,128 shares during the period. CIBC Asset Management Inc purchased a new stake in Joby Aviation in the 2nd quarter valued at $101,000. Finally, Rhumbline Advisers boosted its stake in Joby Aviation by 26.7% during the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock worth $2,798,000 after purchasing an additional 115,483 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

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.