Joby Aviation (NYSE:JOBY) Price Target Raised to $13.00

Joby Aviation (NYSE:JOBY) had its price target hoisted by equities researchers at HC Wainwright from $9.00 to $13.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 42.75% from the company’s current price.

A number of other brokerages have also commented on JOBY. JPMorgan Chase & Co. dropped their price target on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Monday, May 5th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $12.00 price target on shares of Joby Aviation in a research note on Wednesday, June 4th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.33.

Joby Aviation Price Performance

Shares of JOBY stock traded up $0.99 during mid-day trading on Monday, hitting $9.11. The company had a trading volume of 26,130,194 shares, compared to its average volume of 13,279,979. The stock’s 50 day moving average price is $6.61 and its 200-day moving average price is $7.32. Joby Aviation has a 52-week low of $4.66 and a 52-week high of $10.72. The company has a market capitalization of $7.21 billion, a P/E ratio of -13.04 and a beta of 2.39.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.07. 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 company posted ($0.14) EPS. On average, equities research analysts expect that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, insider Kate Dehoff sold 9,720 shares of Joby Aviation stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $6.00, for a total transaction of $58,320.00. Following the completion of the sale, the insider now directly owns 219,366 shares of the company’s stock, valued at $1,316,196. The trade was a 4.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bonny W. Simi sold 9,695 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $6.78, for a total value of $65,732.10. Following the transaction, the insider now directly owns 146,941 shares in the company, valued at $996,259.98. The trade was a 6.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 750,950 shares of company stock valued at $4,640,619. 28.50% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

A number of hedge funds have recently added to or reduced their stakes in the business. Toyota Motor Corp bought a new stake in shares of Joby Aviation in the 4th quarter valued at about $640,259,000. Uber Technologies Inc bought a new position in Joby Aviation in the fourth quarter worth approximately $207,842,000. Vanguard Group Inc. lifted its holdings in Joby Aviation by 15.8% during the fourth 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. Nuveen Asset Management LLC boosted its position in Joby Aviation by 331.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after acquiring an additional 3,272,597 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of Joby Aviation in the 1st quarter valued at $18,936,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.