Joby Aviation (NYSE:JOBY) Shares Up 7.2% - Should You Buy?

Key Points

• Joby Aviation shares surged by 7.2% during trading, reaching a high of $19.59, with a significant increase in trading volume.
• Analysts have mixed opinions on the stock, with one rating it a "Buy," four a "Hold," and two a "Sell," while the consensus price target is set at $10.50.
• The company reported a 94.6% year-over-year decline in revenue, posting only $0.02 million for the quarter, missing consensus estimates.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shot up 7.2% during trading on Monday . The company traded as high as $19.59 and last traded at $19.58. 32,492,593 shares were traded during trading, an increase of 36% from the average session volume of 23,903,977 shares. The stock had previously closed at $18.26.

Wall Street Analyst Weigh In

JOBY has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a report on Friday, August 1st. HC Wainwright lowered shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research note on Saturday, September 27th. Cantor Fitzgerald restated a "neutral" rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. Finally, Wall Street Zen cut Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of "Reduce" and a consensus price target of $10.50.

Joby Aviation Stock Up 7.2%

The stock has a market cap of $16.76 billion, a price-to-earnings ratio of -18.30 and a beta of 2.52. The firm's 50 day moving average is $15.75 and its two-hundred day moving average is $11.11.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. During the same quarter in the previous year, the business posted ($0.18) EPS. The business's revenue for the quarter was down 94.6% compared to the same quarter last year. On average, analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, insider Eric Allison sold 27,538 shares of Joby Aviation 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 $7,901,109.72. The trade was a 4.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Bonny W. Simi sold 173,456 shares of Joby Aviation stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the completion of the transaction, the insider directly owned 211,397 shares in the company, valued at $3,646,598.25. This represents a 45.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,330,881 shares of company stock valued at $33,997,315 over the last quarter. Insiders own 32.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of Joby Aviation by 16.1% during the third quarter. GAMMA Investing LLC now owns 5,969 shares of the company's stock valued at $96,000 after buying an additional 827 shares in the last quarter. Valeo Financial Advisors LLC purchased a new position in Joby Aviation during the 2nd quarter valued at about $461,000. Squarepoint Ops LLC grew its stake in Joby Aviation by 36,302.4% during the 2nd quarter. Squarepoint Ops LLC now owns 760,251 shares of the company's stock valued at $8,021,000 after acquiring an additional 762,351 shares in the last quarter. Thrivent Financial for Lutherans purchased a new position in Joby Aviation during the 2nd quarter valued at about $168,000. Finally, Nautilus Advisors LLC purchased a new position in Joby Aviation during the 2nd quarter valued at about $119,000. Hedge funds and other institutional investors 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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