Joby Aviation (NYSE:JOBY) Stock Price Up 1.5% - Here's What Happened

Key Points

• Joby Aviation's shares increased by 1.5% to close at $17.14, despite a significant trading volume drop of 55% from its average.
• Analysts have varied opinions on Joby Aviation, with target prices ranging from $7.00 to $13.00, reflecting mixed ratings that range from "sell" to "buy."
• Insider selling has occurred recently, with significant transactions including a director selling over 500,000 shares valued at approximately $6.19 million.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) was up 1.5% on Wednesday . The stock traded as high as $17.38 and last traded at $17.14. Approximately 8,830,841 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 19,698,982 shares. The stock had previously closed at $16.89.

Analyst Ratings Changes

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

Joby Aviation Price Performance

The stock has a market capitalization of $13.48 billion, a price-to-earnings ratio of -20.24 and a beta of 2.47. The firm's fifty day moving average is $11.22 and its 200-day moving average is $8.37.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the firm posted ($0.14) EPS. On average, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In other news, insider Gregory Bowles sold 7,961 shares of Joby Aviation stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $10.28, for a total value of $81,839.08. Following the completion of the transaction, the insider directly owned 153,280 shares of the company's stock, valued at approximately $1,575,718.40. The trade was a 4.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Paul Cahill Sciarra sold 500,001 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was 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 $709,721,370.42. This represents a 0.86% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,867,653 shares of company stock worth $19,256,442. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Joby Aviation during the fourth quarter valued at approximately $121,000. KLP Kapitalforvaltning AS bought a new position in shares of Joby Aviation in the fourth quarter valued at approximately $311,000. Deutsche Bank AG raised its holdings in Joby Aviation by 26.0% during the fourth quarter. Deutsche Bank AG now owns 350,784 shares of the company's stock worth $2,852,000 after purchasing an additional 72,329 shares in the last quarter. GAMMA Investing LLC lifted its position in Joby Aviation by 5,161.0% in the first quarter. GAMMA Investing LLC now owns 34,091 shares of the company's stock worth $205,000 after purchasing an additional 33,443 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in Joby Aviation during the 4th quarter valued at $495,000. 52.85% of the stock is owned by institutional investors.

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.