Joby Aviation (NYSE:JOBY) Stock Price Up 2.6% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) shares rose 2.6% during mid-day trading on Friday . The company traded as high as $18.59 and last traded at $18.26. Approximately 35,746,943 shares were traded during trading, an increase of 50% from the average daily volume of 23,857,727 shares. The stock had previously closed at $17.80.

Wall Street Analysts Forecast Growth

JOBY has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an “underweight” rating in a research report on Friday, August 1st. HC Wainwright cut shares of Joby Aviation from a “buy” rating to a “neutral” rating in a research report on Thursday, August 7th. Cantor Fitzgerald restated a “neutral” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Monday, June 23rd. Wall Street Zen cut shares of Joby Aviation from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. Finally, Canaccord Genuity Group cut shares of Joby Aviation from a “buy” rating to a “hold” rating and lifted their target price for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $10.50.

Joby Aviation Price Performance

The business’s 50-day moving average price is $15.70 and its two-hundred day moving average price is $10.99. The firm has a market cap of $15.63 billion, a price-to-earnings ratio of -17.06 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The firm had revenue of $0.02 million for the quarter, compared to analyst estimates of $0.05 million. Joby Aviation’s revenue was down 94.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.18) earnings per share. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Bonny W. Simi sold 173,456 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $17.25, for a total value of $2,992,116.00. Following the completion of the sale, the insider directly owned 211,397 shares in the company, valued at approximately $3,646,598.25. The trade was a 45.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joeben Bevirt sold 253,600 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $16.29, for a total transaction of $4,131,144.00. Following the completion of the sale, the chief executive officer owned 60,273,162 shares of the company’s stock, valued at approximately $981,849,808.98. The trade was a 0.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,330,881 shares of company stock valued at $33,997,315. 28.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently bought and sold shares of JOBY. EverSource Wealth Advisors LLC grew its holdings in Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after purchasing an additional 1,880 shares during the period. GPS Wealth Strategies Group LLC grew its holdings in Joby Aviation by 32.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company’s stock valued at $33,000 after purchasing an additional 750 shares during the period. GAMMA Investing LLC grew its holdings in Joby Aviation by 773.9% in the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock valued at $34,000 after purchasing an additional 5,015 shares during the period. Strs Ohio purchased a new stake in Joby Aviation during the first quarter worth approximately $37,000. Finally, Ameritas Advisory Services LLC purchased a new stake in Joby Aviation during the second quarter worth approximately $39,000. 52.85% of the stock is currently 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.