Joby Aviation (NYSE:JOBY) Shares Up 3.6% - Here's What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shot up 3.6% on Thursday . The stock traded as high as $10.50 and last traded at $10.53. 8,273,393 shares were traded during trading, a decline of 44% from the average session volume of 14,845,669 shares. The stock had previously closed at $10.16.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Morgan Stanley reissued an "equal weight" rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. HC Wainwright reiterated 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. Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a research report on Monday, June 23rd. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $12.00 price objective on shares of Joby Aviation in a research note on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $9.33.

Joby Aviation Trading Up 3.4%

The stock has a market cap of $8.32 billion, a PE ratio of -12.51 and a beta of 2.47. The business has a 50-day moving average price of $7.81 and a 200-day moving average price of $7.46.

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

Insiders Place Their Bets

In other news, insider Eric Allison sold 24,395 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $6.04, for a total value of $147,345.80. Following the completion of the sale, the insider directly owned 627,726 shares in the company, valued at $3,791,465.04. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joeben Bevirt sold 472,000 shares of Joby Aviation stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $9.82, for a total value of $4,635,040.00. Following the transaction, the chief executive officer owned 360,999 shares in the company, valued at approximately $3,545,010.18. This represents a 56.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,504,881 shares of company stock worth $13,413,350. 28.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Several large investors have recently modified their holdings of the business. Whittier Trust Co. purchased a new stake in shares of Joby Aviation in the 4th quarter valued at approximately $38,000. Toronto Dominion Bank acquired a new position in Joby Aviation during the fourth quarter worth $41,000. Carolinas Wealth Consulting LLC purchased a new position in shares of Joby Aviation during the fourth quarter worth $41,000. GAMMA Investing LLC grew its stake in shares of Joby Aviation by 773.9% in the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after buying an additional 5,015 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in Joby Aviation by 195.8% during the 4th quarter. Covestor Ltd now owns 6,022 shares of the company's stock valued at $50,000 after acquiring an additional 3,986 shares during the period. Institutional investors and hedge funds own 52.85% of the company's stock.

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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