Joby Aviation (NYSE:JOBY) Stock Price Up 3.6% - Here's What Happened

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price traded up 3.6% during mid-day trading on Friday . The company traded as high as $10.62 and last traded at $10.53. 21,327,894 shares traded hands during mid-day trading, an increase of 43% from the average session volume of 14,921,604 shares. The stock had previously closed at $10.16.

Analysts Set New Price Targets

JOBY has been the subject of several recent research reports. HC Wainwright reiterated a "buy" rating and issued a $13.00 target price (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Morgan Stanley restated an "equal weight" rating and set a $7.00 target price (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Monday, June 23rd. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $12.00 price target on shares of Joby Aviation in a research note on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $9.33.

Joby Aviation Stock Up 3.6%

The company has a market cap of $8.33 billion, a PE ratio of -12.53 and a beta of 2.47. The business's fifty day moving average is $7.89 and its 200-day moving average is $7.48.

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

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 15,440 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $9.82, for a total value of $151,620.80. Following the completion of the transaction, the insider directly owned 90,055 shares in the company, valued at $884,340.10. This represents a 14.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bonny W. Simi sold 8,272 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $9.82, for a total transaction of $81,231.04. Following the sale, the insider owned 211,397 shares in the company, valued at $2,075,918.54. The trade was a 3.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,504,881 shares of company stock worth $13,413,350 in the last 90 days. Insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently modified their holdings of JOBY. GAMMA Investing LLC lifted its stake in Joby Aviation by 773.9% in the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after purchasing an additional 5,015 shares in the last quarter. Strs Ohio purchased a new position in Joby Aviation during the 1st quarter valued at approximately $37,000. Whittier Trust Co. purchased a new stake in shares of Joby Aviation during the 4th quarter worth approximately $38,000. Toronto Dominion Bank purchased a new position in shares of Joby Aviation in the fourth quarter valued at $41,000. Finally, Carolinas Wealth Consulting LLC purchased a new position in shares of Joby Aviation in the 4th quarter worth $41,000. 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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