Joby Aviation (NYSE:JOBY) Shares Up 6%

Joby Aviation, Inc. (NYSE:JOBY) shares shot up 6% on Tuesday . The company traded as high as $5.18 and last traded at $5.16. 1,313,107 shares were traded during mid-day trading, a decline of 74% from the average session volume of 5,012,352 shares. The stock had previously closed at $4.87.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on JOBY. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday. JPMorgan Chase & Co. upgraded shares of Joby Aviation from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research report on Friday, May 3rd.

Joby Aviation Price Performance

The firm has a market capitalization of $3.53 billion, a P/E ratio of -6.79 and a beta of 2.00. The stock’s 50-day simple moving average is $5.04 and its two-hundred day simple moving average is $5.45.

Joby Aviation (NYSE:JOBY) last released its earnings results on Tuesday, May 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.03. The company had revenue of $0.03 million during the quarter, compared to analysts’ expectations of $0.05 million. During the same period last year, the firm posted ($0.16) EPS. Joby Aviation’s quarterly revenue was down 97.5% compared to the same quarter last year. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, CEO Joeben Bevirt sold 23,750 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $4.96, for a total value of $117,800.00. Following the transaction, the chief executive officer now owns 653,011 shares of the company’s stock, valued at $3,238,934.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Joeben Bevirt sold 23,750 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $4.96, for a total value of $117,800.00. Following the transaction, the chief executive officer now owns 653,011 shares of the company’s stock, valued at $3,238,934.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Didier Papadopoulos sold 11,362 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $4.96, for a total transaction of $56,355.52. Following the sale, the insider now directly owns 68,278 shares in the company, valued at approximately $338,658.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 86,587 shares of company stock valued at $422,792. 32.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Joby Aviation by 20.6% during the third quarter. Vanguard Group Inc. now owns 34,130,744 shares of the company’s stock valued at $220,143,000 after purchasing an additional 5,819,837 shares in the last quarter. Baillie Gifford & Co. raised its stake in shares of Joby Aviation by 10.3% in the fourth quarter. Baillie Gifford & Co. now owns 56,320,441 shares of the company’s stock valued at $374,531,000 after acquiring an additional 5,267,436 shares during the period. New York State Common Retirement Fund raised its stake in shares of Joby Aviation by 8.1% in the fourth quarter. New York State Common Retirement Fund now owns 114,331 shares of the company’s stock valued at $760,000 after acquiring an additional 8,595 shares during the period. Schonfeld Strategic Advisors LLC raised its stake in shares of Joby Aviation by 596.5% in the third quarter. Schonfeld Strategic Advisors LLC now owns 160,200 shares of the company’s stock valued at $1,033,000 after acquiring an additional 137,200 shares during the period. Finally, Rheos Capital Works Inc. raised its stake in shares of Joby Aviation by 113.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,055,000 shares of the company’s stock valued at $13,666,000 after acquiring an additional 1,090,000 shares during the period. Hedge funds and other institutional investors own 45.54% 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.