Joby Aviation (NYSE:JOBY) Shares Gap Up on Analyst Upgrade

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price gapped up before the market opened on Monday after HC Wainwright raised their price target on the stock from $9.00 to $13.00. The stock had previously closed at $8.12, but opened at $8.97. HC Wainwright currently has a buy rating on the stock. Joby Aviation shares last traded at $8.93, with a volume of 14,153,582 shares.

A number of other research firms have also commented on JOBY. Morgan Stanley restated an "equal weight" rating and set a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Canaccord Genuity Group restated a "buy" rating and set a $12.00 price objective on shares of Joby Aviation in a research note on Wednesday, June 4th. JPMorgan Chase & Co. decreased their price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $9.33.

Insider Buying and Selling

In related news, insider Bonny W. Simi sold 9,695 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.78, for a total transaction of $65,732.10. Following the sale, the insider now owns 146,941 shares in the company, valued at $996,259.98. This represents a 6.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kate Dehoff sold 9,720 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $6.00, for a total value of $58,320.00. Following the sale, the insider now owns 219,366 shares in the company, valued at approximately $1,316,196. The trade was a 4.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 750,950 shares of company stock worth $4,640,619 in the last 90 days. Insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Entropy Technologies LP acquired a new position in Joby Aviation during the 4th quarter worth approximately $300,000. Raymond James Financial Inc. purchased a new stake in shares of Joby Aviation during the fourth quarter valued at approximately $2,168,000. Charles Schwab Investment Management Inc. increased its position in shares of Joby Aviation by 10.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company's stock valued at $31,661,000 after acquiring an additional 361,520 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Joby Aviation during the fourth quarter valued at approximately $311,000. Finally, Deutsche Bank AG increased its position in Joby Aviation by 26.0% in the fourth quarter. Deutsche Bank AG now owns 350,784 shares of the company's stock worth $2,852,000 after buying an additional 72,329 shares during the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Stock Up 12.9%

The stock has a 50-day simple moving average of $6.61 and a 200-day simple moving average of $7.32. The firm has a market capitalization of $7.26 billion, a PE ratio of -13.03 and a beta of 2.39.

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 (EPS) for the quarter, beating 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 last year, the business earned ($0.14) earnings per share. Equities 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.