Joby Aviation (NYSE:JOBY) Sets New 1-Year High on Analyst Upgrade

Key Points

• Joby Aviation's shares reached a new 52-week high of $20.33 following an upgrade from JPMorgan Chase, with the price target raised from $5.00 to $7.00.
• Insider trading has seen significant activity, with CEO Joeben Bevirt selling 472,000 shares, leading to a 56.66% decrease in his ownership.
• Various analysts are optimistic about Joby Aviation, reflected in a consensus rating of "Hold" and an average target price of $9.67 from multiple analysts.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) hit a new 52-week high on Monday after JPMorgan Chase & Co. raised their price target on the stock from $5.00 to $7.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Joby Aviation traded as high as $20.33 and last traded at $19.93, with a volume of 19581949 shares trading hands. The stock had previously closed at $17.16.

A number of other research analysts have also weighed in on the company. Canaccord Genuity Group reissued a "buy" rating and issued a $12.00 price objective on shares of Joby Aviation in a report on Wednesday, June 4th. Wall Street Zen raised Joby Aviation from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. HC Wainwright reaffirmed a "buy" rating and set a $13.00 target price (up from $9.00) on shares of Joby Aviation in a report on Monday, June 9th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $7.00 target price (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Joby Aviation has a consensus rating of "Hold" and a consensus target price of $9.67.

Insider Activity at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 472,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $9.82, for a total transaction of $4,635,040.00. Following the transaction, the chief executive officer owned 360,999 shares in the company, valued at approximately $3,545,010.18. This represents a 56.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bonny W. Simi sold 300,000 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $10.79, for a total value of $3,237,000.00. Following the transaction, the insider owned 203,588 shares in the company, valued at $2,196,714.52. This represents a 59.57% decrease in their position. 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 in the last ninety days. 32.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently bought and sold shares of the business. Ameritas Advisory Services LLC purchased a new position in shares of Joby Aviation in the second quarter valued at approximately $39,000. Solstein Capital LLC purchased a new position in shares of Joby Aviation in the second quarter valued at approximately $47,000. Toronto Dominion Bank purchased a new position in shares of Joby Aviation in the fourth quarter valued at approximately $41,000. Carolinas Wealth Consulting LLC purchased a new position in shares of Joby Aviation in the fourth quarter valued at approximately $41,000. Finally, AlphaQuest LLC lifted its position in shares of Joby Aviation by 225.8% in the second quarter. AlphaQuest LLC now owns 5,444 shares of the company's stock valued at $57,000 after acquiring an additional 3,773 shares in the last quarter. Hedge funds and other institutional investors own 52.85% of the company's stock.

Joby Aviation Stock Up 18.4%

The firm has a market cap of $16.08 billion, a PE ratio of -24.26 and a beta of 2.52. The firm has a 50-day moving average price of $11.43 and a two-hundred day moving average price of $8.44.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its 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 return on equity of 63.27% and a negative net margin of 447,083.78%. During the same period in the prior year, the firm earned ($0.14) EPS. Research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

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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