Joby Aviation (NYSE:JOBY) Shares Gap Up on Insider Buying Activity

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $6.88, but opened at $8.02. Joby Aviation shares last traded at $8.63, with a volume of 34,115,724 shares.

Specifically, Director Motor Corp/ Toyota purchased 49,701,790 shares of Joby Aviation stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average price of $5.03 per share, for a total transaction of $250,000,003.70. Following the transaction, the director now directly owns 122,573,621 shares in the company, valued at approximately $616,545,313.63. This trade represents a 68.20% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

JOBY has been the topic of several research reports. Needham & Company LLC restated a "buy" rating and issued a $10.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright reaffirmed a "buy" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, April 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $9.00 target price on shares of Joby Aviation in a report on Monday, May 5th. Morgan Stanley restated an "equal weight" rating and set a $7.00 price target (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Finally, Canaccord Genuity Group increased their price objective on shares of Joby Aviation from $11.50 to $12.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Joby Aviation presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.67.

Joby Aviation Trading Down 3.8%

The stock's fifty day moving average price is $6.43 and its 200-day moving average price is $7.23. The firm has a market cap of $6.72 billion, a price-to-earnings ratio of -12.18 and a beta of 2.34.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter in the previous year, the company posted ($0.14) earnings per share. Analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Institutional Trading of Joby Aviation

Several hedge funds have recently made changes to their positions in the business. Toyota Motor Corp purchased a new stake in Joby Aviation during the 4th quarter worth approximately $640,259,000. Uber Technologies Inc purchased a new stake in Joby Aviation during the 4th quarter worth about $207,842,000. Vanguard Group Inc. raised its position in Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock valued at $380,163,000 after purchasing an additional 6,388,232 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock valued at $34,634,000 after buying an additional 3,272,597 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Joby Aviation during the first quarter worth about $18,936,000. 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.