Joby Aviation (NYSE:JOBY) Shares Up 2.6% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price shot up 2.6% during trading on Monday . The company traded as high as $6.86 and last traded at $6.82. 3,643,454 shares changed hands during trading, a decline of 66% from the average session volume of 10,670,306 shares. The stock had previously closed at $6.64.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on JOBY. Canaccord Genuity Group lifted their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Stock Up 2.2 %

The company has a market capitalization of $5.35 billion, a PE ratio of -9.66 and a beta of 2.35. The stock’s fifty day simple moving average is $7.41 and its 200-day simple moving average is $6.88.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 23,886 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total value of $192,998.88. Following the completion of the sale, the chief executive officer now owns 768,293 shares of the company’s stock, valued at $6,207,807.44. This represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Cahill Sciarra sold 333,334 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $8.02, for a total value of $2,673,338.68. Following the transaction, the director now directly owns 58,661,395 shares in the company, valued at $470,464,387.90. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,015,470 shares of company stock valued at $8,600,479 in the last quarter. 32.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently made changes to their positions in the company. Larson Financial Group LLC increased its position in shares of Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after acquiring an additional 5,000 shares in the last quarter. Whittier Trust Co. bought a new stake in Joby Aviation during the fourth quarter worth approximately $38,000. Salem Investment Counselors Inc. grew its holdings in Joby Aviation by 5,000.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after purchasing an additional 5,000 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new position in shares of Joby Aviation in the fourth quarter valued at approximately $41,000. Finally, Toronto Dominion Bank bought a new stake in shares of Joby Aviation during the 4th quarter worth $41,000. Institutional investors and hedge funds 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.