Joby Aviation (NYSE:JOBY) Trading 1.5% Higher – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY) traded up 1.5% on Tuesday . The company traded as high as $8.25 and last traded at $8.18. 3,997,669 shares were traded during mid-day trading, a decline of 71% from the average session volume of 13,628,622 shares. The stock had previously closed at $8.06.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Canaccord Genuity Group upped their target price on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. JPMorgan Chase & Co. downgraded Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price target for the company from $5.00 to $6.00 in a research report on Friday, January 10th. Finally, Needham & Company LLC boosted their price target on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Stock Performance

The stock has a market capitalization of $6.17 billion, a P/E ratio of -11.52 and a beta of 2.33. The business has a 50 day simple moving average of $8.39 and a 200-day simple moving average of $6.50.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data 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 the consensus estimate 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 period in the prior year, the business earned ($0.13) earnings per share. Equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In related news, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the completion of the sale, the insider now directly owns 137,097 shares in the company, valued at approximately $1,142,018.01. This trade represents a 18.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Cahill Sciarra sold 333,332 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $8.00, for a total value of $2,666,656.00. Following the sale, the director now owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 672,338 shares of company stock worth $5,864,050 over the last quarter. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its stake in Joby Aviation by 28.7% during the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock valued at $1,266,000 after acquiring an additional 55,340 shares during the period. Algert Global LLC bought a new position in Joby Aviation during the second quarter valued at about $90,000. Sanctuary Advisors LLC bought a new position in Joby Aviation during the second quarter valued at about $81,000. Handelsbanken Fonder AB increased its stake in Joby Aviation by 31.7% during the third quarter. Handelsbanken Fonder AB now owns 101,700 shares of the company’s stock valued at $512,000 after acquiring an additional 24,500 shares during the period. Finally, Sound Income Strategies LLC increased its stake in Joby Aviation by 3,311.3% during the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after acquiring an additional 10,000 shares during the period. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.