Joby Aviation (NYSE:JOBY) Trading 15.4% Higher - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares were up 15.4% during mid-day trading on Monday . The company traded as high as $11.16 and last traded at $10.90. Approximately 31,935,615 shares were traded during mid-day trading, an increase of 119% from the average daily volume of 14,552,575 shares. The stock had previously closed at $9.44.

Analysts Set New Price Targets

A number of analysts have recently commented on JOBY shares. Canaccord Genuity Group reissued a "buy" rating and set a $12.00 price target on shares of Joby Aviation in a research note on Wednesday, June 4th. HC Wainwright reiterated a "buy" rating and set a $13.00 target price (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. 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 report on Friday, April 11th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a research note on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Joby Aviation has a consensus rating of "Hold" and an average price target of $9.33.

Joby Aviation Trading Up 11.4%

The business's 50-day simple moving average is $7.56 and its two-hundred day simple moving average is $7.41. The firm has a market cap of $8.33 billion, a price-to-earnings ratio of -12.52 and a beta of 2.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results 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 net margin of 447,083.78% and a negative return on equity of 63.27%. During the same period last year, the business earned ($0.14) EPS. On average, analysts forecast 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, CEO Joeben Bevirt sold 101,652 shares of Joby Aviation stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $6.66, for a total value of $677,002.32. Following the completion of the sale, the chief executive officer directly owned 60,526,762 shares in the company, valued at approximately $403,108,234.92. The trade was a 0.17% 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, Director Paul Cahill Sciarra sold 333,334 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $8.40, for a total transaction of $2,800,005.60. Following the sale, the director directly owned 57,828,060 shares of the company's stock, valued at approximately $485,755,704. This trade represents a 0.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 912,605 shares of company stock worth $6,286,569 over the last quarter. 32.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in JOBY. GAMMA Investing LLC raised its stake in Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after buying an additional 5,015 shares during the period. Strs Ohio acquired a new position in shares of Joby Aviation during the first quarter worth approximately $37,000. Whittier Trust Co. bought a new position in shares of Joby Aviation in the 4th quarter worth $38,000. Toronto Dominion Bank acquired a new stake in Joby Aviation in the 4th quarter valued at $41,000. Finally, Carolinas Wealth Consulting LLC bought a new position in shares of Joby Aviation in the fourth quarter valued at $41,000. Institutional investors 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.