Joby Aviation (NYSE:JOBY) Price Target Cut to $5.00 by Analysts at JPMorgan Chase & Co.

Joby Aviation (NYSE:JOBY) had its price target lowered by analysts at JPMorgan Chase & Co. from $6.00 to $5.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 24.98% from the stock’s previous close.

JOBY has been the topic of a number of other research reports. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of Joby Aviation in a report on Thursday. Finally, Canaccord Genuity Group upped their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $9.10.

Joby Aviation Stock Performance

JOBY opened at $6.67 on Thursday. The company’s 50-day simple moving average is $8.17 and its two-hundred day simple moving average is $6.71. The stock has a market capitalization of $5.10 billion, a P/E ratio of -9.52 and a beta of 2.33. Joby Aviation has a 52-week low of $4.50 and a 52-week high of $10.72.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 6,205 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $8.10, for a total value of $50,260.50. Following the completion of the sale, the insider now owns 215,947 shares in the company, valued at $1,749,170.70. This represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction dated 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 directly owns 54,776 shares in the company, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,018,699 shares of company stock worth $8,628,124 in the last 90 days. 32.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Toyota Motor Corp purchased a new position in Joby Aviation during the fourth quarter valued at approximately $640,259,000. Baillie Gifford & Co. lifted 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 valued at $447,412,000 after buying an additional 2,281,161 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock worth $380,163,000 after buying an additional 6,388,232 shares during the period. Uber Technologies Inc purchased a new stake in Joby Aviation in the 4th quarter worth $207,842,000. Finally, Geode Capital Management LLC raised its holdings in Joby Aviation by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock valued at $83,015,000 after acquiring an additional 817,638 shares during the period. 52.85% of the stock is 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.