Joby Aviation (NYSE:JOBY) Sets New 1-Year High - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $18.33 and last traded at $17.33, with a volume of 1106729 shares. The stock had previously closed at $17.78.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on JOBY. Wall Street Zen upgraded Joby Aviation from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Canaccord Genuity Group restated a "buy" rating and set a $12.00 price objective on shares of Joby Aviation in a research report on Wednesday, June 4th. HC Wainwright reissued a "buy" rating and issued a $13.00 price target (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Monday, June 23rd. Finally, Morgan Stanley restated an "equal weight" rating and issued a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $9.33.

Joby Aviation Trading Down 1.3%

The firm has a market cap of $13.89 billion, a P/E ratio of -20.88 and a beta of 2.47. The business's fifty day moving average price is $9.40 and its two-hundred day moving average price is $7.87.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. During the same period in the previous year, the firm earned ($0.14) earnings per share. Research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Paul Cahill Sciarra sold 500,001 shares of Joby Aviation stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $12.38, for a total transaction of $6,190,012.38. Following the completion of the transaction, the director directly owned 57,328,059 shares in the company, valued at approximately $709,721,370.42. This trade represents a 0.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Allison sold 27,538 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $11.97, for a total value of $329,629.86. Following the completion of the sale, the insider owned 660,076 shares of the company's stock, valued at $7,901,109.72. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,867,653 shares of company stock valued at $19,256,442 over the last 90 days. 32.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Victory Capital Management Inc. boosted its stake in shares of Joby Aviation by 10.3% in the fourth quarter. Victory Capital Management Inc. now owns 54,370 shares of the company's stock valued at $442,000 after purchasing an additional 5,077 shares during the period. Proficio Capital Partners LLC purchased a new position in Joby Aviation in the 4th quarter valued at about $145,000. Raymond James Financial Inc. acquired a new position in shares of Joby Aviation during the 4th quarter valued at about $2,168,000. Swiss National Bank increased its position in Joby Aviation by 1.9% during the 4th quarter. Swiss National Bank now owns 352,100 shares of the company's stock worth $2,863,000 after purchasing an additional 6,500 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in Joby Aviation by 27.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 136,176 shares of the company's stock worth $1,107,000 after acquiring an additional 29,600 shares during the period. 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.

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