Joby Aviation (NYSE:JOBY) Shares Up 5.5% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares shot up 5.5% during mid-day trading on Tuesday . The company traded as high as $7.91 and last traded at $7.8950. Approximately 48,286,013 shares traded hands during trading, an increase of 57% from the average daily volume of 30,844,344 shares. The stock had previously closed at $7.48.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on JOBY shares. Morgan Stanley cut their price target on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Weiss Ratings raised shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Canaccord Genuity Group reduced their target price on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a report on Thursday, May 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $13.64.

Joby Aviation Stock Performance

The stock has a market cap of $7.38 billion, a PE ratio of -6.50 and a beta of 2.71. The stock has a fifty day simple moving average of $9.76 and a two-hundred day simple moving average of $10.42. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The company had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. During the same quarter last year, the firm posted ($0.11) earnings per share. Equities analysts anticipate that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity

In related news, insider Kate Dehoff sold 14,240 shares of Joby Aviation stock in a transaction on Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total transaction of $110,075.20. Following the sale, the insider owned 180,179 shares of the company’s stock, valued at $1,392,783.67. The trade was a 7.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joeben Bevirt sold 15,788 shares of the business’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total transaction of $140,828.96. Following the completion of the transaction, the chief executive officer owned 239,671 shares in the company, valued at $2,137,865.32. This represents a 6.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,125,580 shares of company stock worth $12,172,117 over the last three months. 28.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Fifth Third Bancorp grew its stake in Joby Aviation by 207.4% during the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after purchasing an additional 1,348 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Joby Aviation by 284.8% in the 2nd 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 in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Joby Aviation in the 4th quarter valued at approximately $28,000. Strategic Advocates LLC purchased a new position in shares of Joby Aviation during the 3rd quarter valued at approximately $29,000. Finally, Pandora Wealth Inc. purchased a new position in shares of Joby Aviation during the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.