Joby Aviation (NYSE:JOBY) Trading Up 4% - Here's What Happened

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares were up 4% during mid-day trading on Wednesday . The stock traded as high as $9.14 and last traded at $9.00. Approximately 8,228,421 shares traded hands during trading, a decline of 47% from the average daily volume of 15,517,495 shares. The stock had previously closed at $8.65.

Analysts Set New Price Targets

Several analysts have commented on JOBY shares. HC Wainwright reaffirmed 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. Canaccord Genuity Group reissued a "buy" rating and issued a $12.00 target price on shares of Joby Aviation in a research report on Wednesday, June 4th. Morgan Stanley reissued an "equal weight" rating and set a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Needham & Company LLC restated a "buy" rating and set a $10.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Cantor Fitzgerald downgraded shares of Joby Aviation from an "overweight" rating to a "neutral" rating and set a $9.00 target price for the company. in a research report on Thursday, June 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has an average rating of "Hold" and a consensus target price of $9.33.

Joby Aviation Price Performance

The firm has a 50-day simple moving average of $7.14 and a 200 day simple moving average of $7.39. The company has a market capitalization of $6.99 billion, a PE ratio of -10.51 and a beta of 2.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating 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 company earned ($0.14) earnings per share. 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 related news, insider Didier Papadopoulos sold 4,683 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $8.90, for a total transaction of $41,678.70. Following the completion of the sale, the insider now directly owns 79,654 shares of the company's stock, valued at approximately $708,920.60. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bonny W. Simi sold 9,695 shares of Joby Aviation stock in a transaction on Monday, March 24th. The stock was sold at an average price of $6.78, for a total transaction of $65,732.10. Following the sale, the insider now directly owns 146,941 shares in the company, valued at $996,259.98. This trade represents a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 755,633 shares of company stock valued at $4,682,298 over the last 90 days. 28.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in 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 acquiring an additional 5,015 shares in the last quarter. Strs Ohio bought a new stake in shares of Joby Aviation in the 1st quarter worth about $37,000. Whittier Trust Co. acquired a new stake in shares of Joby Aviation in the 4th quarter valued at about $38,000. Toronto Dominion Bank bought a new position in shares of Joby Aviation during the fourth quarter worth about $41,000. Finally, Carolinas Wealth Consulting LLC bought a new position in shares of Joby Aviation during the fourth quarter worth about $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.