Joby Aviation (NYSE:JOBY) Shares Gap Up - Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $7.50, but opened at $8.49. Joby Aviation shares last traded at $8.18, with a volume of 18,421,872 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on JOBY shares. HC Wainwright reaffirmed a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, April 30th. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, February 27th. Cantor Fitzgerald reissued an "overweight" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Monday, May 5th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $12.00 price objective on shares of Joby Aviation in a research report on Wednesday. Finally, Morgan Stanley reissued an "equal weight" rating and set a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $8.67.

Joby Aviation Price Performance

The stock has a fifty day moving average of $6.54 and a 200 day moving average of $7.28. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of -10.79 and a beta of 2.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the prior year, the company posted ($0.14) EPS. As a group, equities analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In other Joby Aviation news, Director Motor Corp/ Toyota bought 49,701,790 shares of Joby Aviation stock in a transaction on Thursday, May 22nd. The shares were bought at an average cost of $5.03 per share, for a total transaction of $250,000,003.70. Following the acquisition, the director now directly owns 122,573,621 shares in the company, valued at $616,545,313.63. This represents a 68.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul Cahill Sciarra sold 166,667 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $6.78, for a total transaction of $1,130,002.26. Following the sale, the director now owns 58,494,728 shares in the company, valued at $396,594,255.84. The trade was a 0.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 750,950 shares of company stock worth $4,640,619. 28.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in JOBY. GAMMA Investing LLC raised its holdings in Joby Aviation by 773.9% during the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after purchasing an additional 5,015 shares in the last quarter. Strs Ohio acquired a new position in shares of Joby Aviation in the 1st quarter valued at $37,000. Whittier Trust Co. acquired a new stake in Joby Aviation during the 4th quarter worth $38,000. Compagnie Lombard Odier SCmA purchased a new stake in Joby Aviation during the 4th quarter valued at approximately $41,000. Finally, Toronto Dominion Bank purchased a new stake in Joby Aviation in the 4th quarter valued at approximately $41,000. 52.85% of the stock is owned by institutional investors and hedge funds.

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.