Joby Aviation (NYSE:JOBY) Shares Up 3.3% - Here's Why

Key Points

• Shares rose about 3.3% to $8.80 mid-day with ~18.7M shares traded (29% below the daily average); the company has a market cap of $8.02B and 50-/200-day moving averages of $9.49/$13.10.
• Analyst sentiment is mixed—2 Buys, 4 Holds and 3 Sells—with a consensus rating of Reduce and an average price target of $13.81 (individual targets range roughly $7–$18).
• Joby beat quarterly estimates (EPS -$0.14 vs. -$0.20; revenue $30.84M vs. $16.88M, up ~5,506% YoY), but insiders sold about 1.3M shares (~$13.3M) last quarter, leaving insiders with 32.4% ownership.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) were up 3.3% during mid-day trading on Tuesday . The company traded as high as $8.93 and last traded at $8.80. Approximately 18,703,268 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 26,494,979 shares. The stock had previously closed at $8.52.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on JOBY shares. Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, February 26th. JPMorgan Chase & Co. dropped their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an "underweight" rating for the company in a research note on Thursday, February 26th. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research note on Thursday, January 22nd. HC Wainwright restated a "buy" rating and issued a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, March 12th. Finally, Needham & Company LLC dropped their price objective on shares of Joby Aviation to $18.00 and set a "buy" rating for the company in a research note on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $13.81.

Joby Aviation Stock Performance

The company has a market cap of $8.02 billion, a price-to-earnings ratio of -7.72 and a beta of 2.68. The business's 50 day moving average price is $9.49 and its 200-day moving average price is $13.10.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to the consensus estimate of $16.88 million. During the same period in the previous year, the company posted ($0.34) EPS. The firm's revenue for the quarter was up 5506.5% compared to the same quarter last year. On average, equities research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Joeben Bevirt sold 15,823 shares of the company's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $8.15, for a total value of $128,957.45. Following the sale, the chief executive officer owned 263,862 shares of the company's stock, valued at approximately $2,150,475.30. This represents a 5.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gregory Bowles sold 4,720 shares of the company's stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $8.76, for a total transaction of $41,347.20. Following the completion of the sale, the insider directly owned 178,470 shares in the company, valued at approximately $1,563,397.20. The trade was a 2.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,297,383 shares of company stock worth $13,311,126 in the last quarter. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Large investors have recently made changes to their positions in the company. Fifth Third Bancorp grew its holdings in shares of Joby Aviation by 207.4% in the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company's stock worth $26,000 after purchasing an additional 1,348 shares during the last quarter. Asset Planning Inc grew its holdings in shares of Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company's stock worth $27,000 after purchasing an additional 700 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after purchasing an additional 1,880 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Joby Aviation during the 4th quarter worth about $28,000. Finally, Canton Hathaway LLC bought a new stake in Joby Aviation during the 3rd quarter worth about $29,000. Institutional investors own 52.85% of the company's stock.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company's core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby's eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company's flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.

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