Joby Aviation (NYSE:JOBY) Shares Up 4.2% - Time to Buy?

Key Points

• Joby Aviation (NYSE:JOBY) experienced a 4.2% increase in share price during trading, reaching a last traded price of $17.80, but with a significant decline in trading volume compared to its average.
• Analyst ratings for Joby Aviation have shifted, with Canaccord Genuity downgrading the stock from "buy" to "hold" while raising the price target to $17.00, against a general consensus rating of "Hold" and a target of $10.50.
• The company reported a quarterly earnings miss, with an EPS of ($0.24) against an expectation of ($0.18), and a significant 94.6% year-over-year decline in revenue.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares shot up 4.2% during trading on Tuesday . The stock traded as high as $17.41 and last traded at $17.80. 6,299,788 shares changed hands during trading, a decline of 70% from the average session volume of 20,827,600 shares. The stock had previously closed at $17.07.

Analyst Ratings Changes

JOBY has been the subject of a number of analyst reports. Canaccord Genuity Group downgraded shares of Joby Aviation from a "buy" rating to a "hold" rating and increased their price target for the company from $12.00 to $17.00 in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their price target 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 downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Monday, June 23rd. Finally, HC Wainwright lowered shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $10.50.

Joby Aviation Trading Up 4.7%

The stock has a market capitalization of $14.16 billion, a price-to-earnings ratio of -16.70 and a beta of 2.52. The stock has a 50-day moving average price of $12.70 and a 200 day moving average price of $8.85.

Joby Aviation (NYSE:JOBY - Get Free Report) last released 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 analyst estimates of $0.05 million. Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%. The firm's revenue for the quarter was down 94.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.18) EPS. Equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, insider Eric Allison sold 27,538 shares of Joby Aviation stock in a transaction 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 directly owned 660,076 shares in the company, valued at approximately $7,901,109.72. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul Cahill Sciarra sold 500,001 shares of Joby Aviation stock in a transaction on Monday, July 14th. The shares were sold at an average price of $12.38, for a total transaction of $6,190,012.38. Following the completion of the transaction, the director owned 57,328,059 shares in the company, valued at approximately $709,721,370.42. This represents a 0.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,038,210 shares of company stock worth $22,228,265 in the last three months. 32.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Joby Aviation

A number of institutional investors have recently added to or reduced their stakes in JOBY. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Joby Aviation in the fourth quarter worth $121,000. Deutsche Bank AG boosted its stake 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 acquiring an additional 72,329 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Joby Aviation by 5,161.0% in the 1st quarter. GAMMA Investing LLC now owns 34,091 shares of the company's stock worth $205,000 after buying an additional 33,443 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Joby Aviation in the 4th quarter valued at about $495,000. Finally, California State Teachers Retirement System increased its stake in Joby Aviation by 1.1% during the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company's stock valued at $1,512,000 after buying an additional 2,065 shares during the period. Hedge funds and other institutional investors own 52.85% of the company's stock.

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.

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