Joby Aviation (NYSE:JOBY) Price Target Raised to $15.00

Key Points

• Joby Aviation's price target has been raised from $7.00 to $15.00 by Morgan Stanley, which currently holds an "equal weight" rating on the stock, indicating a potential downside of 13.62%.
• In recent trading, Joby Aviation's stock opened at $17.37 and has shown significant volatility, with a 1-year high of $20.95 and a low of $4.80.
• Insider selling has occurred, with key insiders offloading over 2.3 million shares in the last three months, while approximately 28.50% of the stock is held by insiders.

Joby Aviation (NYSE:JOBY - Get Free Report) had its price target lifted by research analysts at Morgan Stanley from $7.00 to $15.00 in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's price target would indicate a potential downside of 13.62% from the stock's current price.

A number of other brokerages also recently weighed in on JOBY. Canaccord Genuity Group downgraded shares of Joby Aviation from a "buy" rating to a "hold" rating and upped their price target for the company from $12.00 to $17.00 in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Cantor Fitzgerald restated a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research report on Wednesday. Finally, Wall Street Zen downgraded Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $11.83.

Joby Aviation Price Performance

JOBY opened at $17.37 on Thursday. The business has a 50 day moving average price of $15.80 and a two-hundred day moving average price of $11.21. The company has a market capitalization of $14.86 billion, a price-to-earnings ratio of -16.23 and a beta of 2.52. Joby Aviation has a 1-year low of $4.80 and a 1-year high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. The business's quarterly revenue was down 94.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.18) earnings per share. Equities analysts expect that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 6,715 shares of the business's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $16.78, for a total transaction of $112,677.70. Following the sale, the insider directly owned 666,416 shares of the company's stock, valued at $11,182,460.48. The trade was a 1.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gregory Bowles sold 4,776 shares of the stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total value of $86,397.84. Following the completion of the sale, the insider owned 156,464 shares of the company's stock, valued at $2,830,433.76. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,330,881 shares of company stock valued at $33,997,315 over the last three months. 28.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently bought and sold shares of the business. Toyota Motor Corp boosted its position in Joby Aviation by 63.1% during the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company's stock worth $1,355,194,000 after acquiring an additional 49,701,790 shares during the period. Nuveen LLC acquired a new stake in shares of Joby Aviation during the first quarter worth approximately $18,936,000. Rheos Capital Works Inc. grew its position in Joby Aviation by 58.2% during the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock valued at $76,013,000 after purchasing an additional 2,650,000 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Joby Aviation in the 2nd quarter valued at approximately $15,392,000. Finally, Balyasny Asset Management L.P. purchased a new stake in Joby Aviation in the 2nd quarter worth approximately $12,471,000. 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.

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