Joby Aviation (NYSE:JOBY) Shares Up 3.4% - Still a Buy?

Key Points

• Joby Aviation's shares rose by 3.4%, trading at around $18.11 following a previous close of $17.51.
• Analysts are optimistic, with ratings ranging from a “buy” rating at $13.00 to a "neutral" rating at $9.00, leading to a consensus price target of $9.33.
• The company's recent quarterly earnings showed a loss of (0.11) EPS, which surpassed expectations of (0.18) EPS, but still reported a significant negative return on equity of 63.27%.
• Insider selling activity noted that director Paul Cahill Sciarra sold over 500,000 shares, reducing his ownership by 0.86%, while 28.50% of shares are held by corporate insiders.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price was up 3.4% during mid-day trading on Friday . The company traded as high as $18.05 and last traded at $18.11. Approximately 10,249,177 shares changed hands during trading, a decline of 47% from the average daily volume of 19,410,803 shares. The stock had previously closed at $17.51.

Wall Street Analysts Forecast Growth

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

Joby Aviation Price Performance

The company has a market capitalization of $14.34 billion, a price-to-earnings ratio of -21.56 and a beta of 2.47. The company's 50-day moving average price is $10.20 and its two-hundred day moving average price is $8.10.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 63.27% and a negative net margin of 447,083.78%. During the same quarter in the previous year, the firm posted ($0.14) EPS. On average, equities research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, Director Paul Cahill Sciarra sold 500,001 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $12.38, for a total value of $6,190,012.38. Following the completion of the sale, the director owned 57,328,059 shares in the company, valued at approximately $709,721,370.42. The trade was a 0.86% 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, insider Eric Allison sold 27,538 shares of the company's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $11.97, for a total value of $329,629.86. Following the transaction, the insider owned 660,076 shares of the company's stock, valued at approximately $7,901,109.72. This represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,867,653 shares of company stock worth $19,256,442. 28.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently modified their holdings of JOBY. Raymond James Financial Inc. bought a new position in shares of Joby Aviation in the fourth quarter worth about $2,168,000. Wealth Enhancement Advisory Services LLC purchased a new position in Joby Aviation during the 4th quarter valued at approximately $121,000. KLP Kapitalforvaltning AS purchased a new position in Joby Aviation during the 4th quarter valued at approximately $311,000. Deutsche Bank AG grew its holdings in Joby Aviation by 26.0% during the 4th quarter. Deutsche Bank AG now owns 350,784 shares of the company's stock valued at $2,852,000 after buying an additional 72,329 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Joby Aviation by 5,161.0% during the 1st quarter. GAMMA Investing LLC now owns 34,091 shares of the company's stock valued at $205,000 after buying an additional 33,443 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other 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.

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