Joby Aviation (NYSE:JOBY) Stock Price Up 0.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shot up 0.3% during trading on Wednesday . The stock traded as high as $8.12 and last traded at $8.05. 2,324,208 shares were traded during trading, a decline of 83% from the average session volume of 13,393,235 shares. The stock had previously closed at $8.02.

Wall Street Analysts Forecast Growth

JOBY has been the topic of a number of research reports. Needham & Company LLC boosted their price objective on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Canaccord Genuity Group raised their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $5.00 to $6.00 in a report on Friday, January 10th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, Joby Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Stock Up 0.7 %

The firm has a market cap of $6.18 billion, a P/E ratio of -11.54 and a beta of 2.33. The business’s 50 day moving average is $8.39 and its two-hundred day moving average is $6.52.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same period in the prior year, the firm earned ($0.13) earnings per share. Equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In related news, insider Gregory Bowles sold 7,748 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the sale, the insider now directly owns 29,235 shares of the company’s stock, valued at approximately $236,218.80. This represents a 20.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the transaction, the insider now owns 54,776 shares in the company, valued at approximately $419,036.40. This trade represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 672,338 shares of company stock valued at $5,864,050. 32.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of JOBY. Baillie Gifford & Co. grew its stake in shares of Joby Aviation by 4.3% during the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after acquiring an additional 2,281,161 shares during the period. Geode Capital Management LLC boosted its stake in Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after buying an additional 670,852 shares during the period. State Street Corp grew its holdings in shares of Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after purchasing an additional 812,248 shares in the last quarter. ARK Investment Management LLC increased its holdings in shares of Joby Aviation by 22.2% in the 4th quarter. ARK Investment Management LLC now owns 3,388,791 shares of the company’s stock worth $27,551,000 after buying an additional 616,193 shares during the last quarter. Finally, EDBI Pte Ltd raised its position in Joby Aviation by 0.6% during the fourth quarter. EDBI Pte Ltd now owns 3,022,543 shares of the company’s stock valued at $24,573,000 after purchasing an additional 17,994 shares in the last quarter. Institutional investors 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.