Joby Aviation (NYSE:JOBY) Trading 6.4% Higher - Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) rose 6.4% during trading on Thursday . The company traded as high as $17.38 and last traded at $17.37. Approximately 33,008,501 shares traded hands during trading, an increase of 108% from the average daily volume of 15,842,257 shares. The stock had previously closed at $16.33.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on JOBY. Cantor Fitzgerald reiterated a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Monday, June 23rd. Canaccord Genuity Group reissued a "buy" rating and set a $12.00 price objective on shares of Joby Aviation in a report on Wednesday, June 4th. HC Wainwright reissued a "buy" rating and set a $13.00 price objective (up previously from $9.00) on shares of Joby Aviation in a report on Monday, June 9th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Finally, Wall Street Zen upgraded shares of Joby Aviation from a "sell" rating to a "hold" rating in a research report 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 issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $9.33.

Joby Aviation Stock Up 2.0%

The firm has a market cap of $14.32 billion, a PE ratio of -21.48 and a beta of 2.47. The firm's fifty day simple moving average is $9.18 and its two-hundred day simple moving average is $7.81.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. During the same period in the prior year, the firm earned ($0.14) EPS. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In related news, CEO Joeben Bevirt sold 472,000 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $9.82, for a total transaction of $4,635,040.00. Following the sale, the chief executive officer owned 360,999 shares of the company's stock, valued at $3,545,010.18. This represents a 56.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Motor Corp/ Toyota bought 49,701,790 shares of Joby Aviation stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $5.03 per share, for a total transaction of $250,000,003.70. Following the purchase, the director owned 122,573,621 shares of the company's stock, valued at approximately $616,545,313.63. This trade represents a 68.20% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 2,034,320 shares of company stock valued at $20,211,444. 28.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in JOBY. Toyota Motor Corp bought a new position in Joby Aviation during the 4th quarter worth about $640,259,000. Uber Technologies Inc bought a new stake in shares of Joby Aviation in the 4th quarter valued at about $207,842,000. Vanguard Group Inc. grew its position in shares of Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock worth $380,163,000 after buying an additional 6,388,232 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock worth $34,634,000 after buying an additional 3,272,597 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Joby Aviation in the 1st quarter worth approximately $18,936,000. 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.