Joby Aviation (NYSE:JOBY) Stock Price Up 2.2% on Better-Than-Expected Earnings

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price was up 2.2% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $7.12 and last traded at $6.56. Approximately 5,199,246 shares traded hands during trading, a decline of 55% from the average daily volume of 11,665,885 shares. The stock had previously closed at $6.42.

The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter last year, the business earned ($0.14) earnings per share.

Analyst Ratings Changes

A number of analysts have commented on the company. JPMorgan Chase & Co. reduced their price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, April 30th. Cantor Fitzgerald restated an "overweight" rating and set a $9.00 target price on shares of Joby Aviation in a research report on Monday. Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 price target (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Finally, Canaccord Genuity Group increased their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Joby Aviation presently has a consensus rating of "Moderate Buy" and an average price target of $8.58.

Insiders Place Their Bets

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,667 shares of Joby Aviation stock in a transaction on Monday, April 21st. The shares were sold at an average price of $5.73, for a total transaction of $955,001.91. Following the completion of the transaction, the director now directly owns 58,328,061 shares of the company's stock, valued at $334,219,789.53. The trade was a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joeben Bevirt sold 10,785 shares of the business's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total transaction of $80,132.55. Following the transaction, the chief executive officer now owns 793,036 shares in the company, valued at $5,892,257.48. This trade represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 668,827 shares of company stock valued at $4,108,524 in the last three months. Corporate insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds have recently added to or reduced their stakes in JOBY. Whittier Trust Co. purchased a new position in shares of Joby Aviation during the fourth quarter valued at approximately $38,000. Allworth Financial LP grew its position in Joby Aviation by 200.6% in the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company's stock valued at $44,000 after acquiring an additional 3,320 shares during the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in Joby Aviation in the fourth quarter worth $41,000. Toronto Dominion Bank bought a new stake in shares of Joby Aviation during the fourth quarter worth $41,000. Finally, Carolinas Wealth Consulting LLC purchased a new stake in shares of Joby Aviation during the fourth quarter valued at $41,000. 52.85% of the stock is currently owned by institutional investors.

Joby Aviation Price Performance

The stock's fifty day moving average price is $6.20 and its 200 day moving average price is $7.04. The stock has a market capitalization of $5.15 billion, a P/E ratio of -9.34 and a beta of 2.34.

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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