Joby Aviation (NYSE:JOBY) Shares Up 7.7% - What's Next?

Key Points

• Shares jumped 7.7% to about $15.75 on Thursday (intraday high $15.87) with trading volume roughly 22% below its recent daily average, and the stock sits near its 50-day SMA of $15.73 (200-day SMA $13.82).
• Analysts are mixed but skeptical overall: the consensus rating is "Reduce" with an average price target of $13.43, ranging from Needham's $22 buy call to Goldman Sachs' $10 sell target.
• Fundamentals and ownership highlight risks—Joby missed Q3 EPS (-$0.48 vs. -$0.19 expected) despite revenue surging to $22.6M year-over-year, and insiders have sold about 1.15M shares (~$17.8M) in the last 90 days while still owning 28.5% of the stock.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price rose 7.7% on Thursday . The stock traded as high as $15.87 and last traded at $15.75. Approximately 20,846,925 shares traded hands during trading, a decline of 22% from the average daily volume of 26,716,225 shares. The stock had previously closed at $14.63.

Wall Street Analyst Weigh In

JOBY has been the topic of a number of research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Joby Aviation in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the company an "underweight" rating in a research note on Friday, October 31st. The Goldman Sachs Group began coverage on shares of Joby Aviation in a research report on Monday. They issued a "sell" rating and a $10.00 target price for the company. Morgan Stanley lifted their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, October 9th. Finally, Needham & Company LLC restated a "buy" rating and set a $22.00 price target on shares of Joby Aviation in a report on Thursday, November 6th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $13.43.

Joby Aviation Stock Up 7.7%

The company's 50-day simple moving average is $15.73 and its 200 day simple moving average is $13.82. The company has a market capitalization of $14.36 billion, a P/E ratio of -11.75 and a beta of 2.53.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The company had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. The company's revenue was up 7962.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.21) earnings per share. As a group, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 27,537 shares of the stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $16.84, for a total transaction of $463,723.08. Following the transaction, the insider owned 692,428 shares in the company, valued at $11,660,487.52. This trade represents a 3.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Didier Papadopoulos sold 5,102 shares of Joby Aviation stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $18.08, for a total transaction of $92,244.16. Following the completion of the transaction, the insider directly owned 98,104 shares in the company, valued at approximately $1,773,720.32. This represents a 4.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,154,802 shares of company stock worth $17,844,775 in the last 90 days. Insiders own 28.50% of the company's stock.

Institutional Trading of Joby Aviation

Several large investors have recently modified their holdings of the company. Cetera Investment Advisers raised its holdings in Joby Aviation by 44.3% in the 1st quarter. Cetera Investment Advisers now owns 55,229 shares of the company's stock worth $332,000 after acquiring an additional 16,953 shares during the period. LPL Financial LLC grew its position in shares of Joby Aviation by 56.1% in the first quarter. LPL Financial LLC now owns 253,925 shares of the company's stock valued at $1,529,000 after purchasing an additional 91,278 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Joby Aviation by 23.9% in the first quarter. PNC Financial Services Group Inc. now owns 14,928 shares of the company's stock valued at $90,000 after purchasing an additional 2,877 shares during the last quarter. Atria Wealth Solutions Inc. bought a new position in shares of Joby Aviation in the first quarter worth about $401,000. Finally, Wealthspire Advisors LLC lifted its position in shares of Joby Aviation by 25.1% during the 1st quarter. Wealthspire Advisors LLC now owns 14,954 shares of the company's stock worth $90,000 after purchasing an additional 3,000 shares during the last quarter. 52.85% of the stock is owned by institutional investors.

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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