Joby Aviation (NYSE:JOBY) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Joby Aviation (NYSE:JOBY) had its target price boosted by analysts at Canaccord Genuity Group from $9.75 to $11.50 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 11.98% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Needham & Company LLC assumed coverage on Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. Finally, 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. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $8.70.

Joby Aviation Stock Up 4.5 %

JOBY opened at $10.27 on Wednesday. The firm has a market capitalization of $7.86 billion, a P/E ratio of -14.67 and a beta of 2.33. The stock’s 50 day moving average price is $7.37 and its two-hundred day moving average price is $6.13. Joby Aviation has a 12-month low of $4.50 and a 12-month high of $10.72.

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

Insider Activity at Joby Aviation

In related news, insider Didier Papadopoulos sold 7,692 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $10.00, for a total value of $76,920.00. Following the transaction, the insider now owns 50,902 shares of the company’s stock, valued at $509,020. This represents a 13.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric Allison sold 27,817 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $5.56, for a total transaction of $154,662.52. Following the sale, the insider now owns 463,151 shares of the company’s stock, valued at approximately $2,575,119.56. This represents a 5.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 355,160 shares of company stock valued at $3,177,342 in the last three months. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the business. Intech Investment Management LLC purchased a new position in shares of Joby Aviation during the 3rd quarter worth $518,000. Fred Alger Management LLC increased its holdings in Joby Aviation by 89.4% in the 3rd quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after acquiring an additional 58,229 shares during the last quarter. Caprock Group LLC increased its holdings in Joby Aviation by 179.5% in the 3rd quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock valued at $626,000 after acquiring an additional 79,896 shares during the last quarter. Susquehanna Fundamental Investments LLC increased its holdings in Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after acquiring an additional 616,579 shares during the last quarter. Finally, Holocene Advisors LP increased its holdings in Joby Aviation by 91.7% in the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after acquiring an additional 249,375 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

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.