Joby Aviation (NYSE:JOBY) Shares Up 1.7% - Still a Buy?

Key Points

• Joby Aviation's shares increased by 1.7%, reaching a trading price of $16.14, with significant trading volume that was 32% higher than average.
• Analysts have set mixed ratings for Joby Aviation, with JPMorgan raising the price target to $7.00 while others downgraded the stock to "sell" or "neutral," resulting in a consensus rating of "Hold" with an average target of $10.50.
• Joby Aviation reported a revenue decline of 94.6% year-over-year, missing earnings estimates and highlighting financial struggles, with a projected EPS of -0.69 for the current year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price traded up 1.7% during mid-day trading on Friday . The stock traded as high as $16.38 and last traded at $16.14. 31,121,370 shares traded hands during trading, an increase of 32% from the average session volume of 23,561,020 shares. The stock had previously closed at $15.86.

Analysts Set New Price Targets

JOBY has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a report on Friday, August 1st. Wall Street Zen cut Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Cantor Fitzgerald reiterated a "neutral" rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Monday, June 23rd. HC Wainwright cut Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group lowered Joby Aviation from a "buy" rating to a "hold" rating and upped their price target for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $10.50.

Joby Aviation Stock Up 1.7%

The stock has a market capitalization of $13.81 billion, a PE ratio of -15.08 and a beta of 2.50. The stock has a fifty day moving average of $15.77 and a 200-day moving average of $10.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The company had revenue of $0.02 million for the quarter, compared to analysts' expectations of $0.05 million. Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.Joby Aviation's revenue for the quarter was down 94.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.18) EPS. Equities research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other news, insider Bonny W. Simi sold 173,456 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the completion of the sale, the insider owned 211,397 shares in the company, valued at approximately $3,646,598.25. This represents a 45.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kate Dehoff sold 52,907 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $15.76, for a total value of $833,814.32. Following the transaction, the insider directly owned 149,369 shares in the company, valued at approximately $2,354,055.44. This represents a 26.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,680,070 shares of company stock valued at $34,328,756 in the last 90 days. Company insiders own 28.50% of the company's stock.

Institutional Trading of Joby Aviation

Hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its holdings in shares of Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after purchasing an additional 1,880 shares during the period. GPS Wealth Strategies Group LLC grew its position in Joby Aviation by 32.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after buying an additional 750 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in Joby Aviation in the 2nd quarter valued at $39,000. Solstein Capital LLC acquired a new position in Joby Aviation in the 2nd quarter valued at $47,000. Finally, Toronto Dominion Bank purchased a new position in Joby Aviation during the 4th quarter worth $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.

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.