Joby Aviation (NYSE:JOBY) Stock Price Up 3.7% - Still a Buy?

Key Points

• Joby Aviation's stock rose 3.7% to $14.99 amidst lower trading volume, with about 8.6 million shares exchanged, a significant decline from its average.
• Analysts have a mixed outlook on the stock, with target prices ranging from $7.00 to $17.00 and an average rating of "Hold."
• Insider sales were notable, with CEO Joeben Bevirt selling 472,000 shares, representing a 56.66% decrease in his ownership stake.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) rose 3.7% during trading on Friday . The stock traded as high as $15.02 and last traded at $14.99. Approximately 8,626,663 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 21,065,801 shares. The stock had previously closed at $14.45.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several analyst reports. Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Canaccord Genuity Group lowered Joby Aviation from a "buy" rating to a "hold" rating and upped their target price for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. JPMorgan Chase & Co. upped their price target on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. HC Wainwright cut Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen cut Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $10.50.

Joby Aviation Stock Performance

The stock has a market cap of $12.79 billion, a price-to-earnings ratio of -13.96 and a beta of 2.52. The company has a 50-day simple moving average of $13.92 and a two-hundred day simple moving average of $9.28.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The business had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.05 million. Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The business's revenue was down 94.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.18) earnings per share. As a group, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 472,000 shares of Joby Aviation stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $9.82, for a total value of $4,635,040.00. Following the completion of the transaction, the chief executive officer directly owned 360,999 shares of the company's stock, valued at $3,545,010.18. The trade was a 56.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bonny W. Simi sold 300,000 shares of Joby Aviation stock in a transaction on Monday, June 30th. The shares were sold at an average price of $10.79, for a total value of $3,237,000.00. Following the completion of the transaction, the insider directly owned 203,588 shares of the company's stock, valued at $2,196,714.52. This represents a 59.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,933,156 shares of company stock worth $21,528,877. Corporate insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. CWM LLC increased its position in shares of Joby Aviation by 8.1% during the second quarter. CWM LLC now owns 9,156 shares of the company's stock valued at $97,000 after acquiring an additional 689 shares during the last quarter. GPS Wealth Strategies Group LLC grew its position in shares of Joby Aviation by 32.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after purchasing an additional 750 shares in the last quarter. Allworth Financial LP boosted its stake in Joby Aviation by 11.9% during the second quarter. Allworth Financial LP now owns 7,197 shares of the company's stock valued at $76,000 after buying an additional 763 shares during the period. Flagship Harbor Advisors LLC boosted its stake in Joby Aviation by 2.6% during the second quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company's stock valued at $335,000 after buying an additional 800 shares during the period. Finally, EP Wealth Advisors LLC boosted its stake in Joby Aviation by 2.2% during the second quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company's stock valued at $403,000 after buying an additional 821 shares during the period. 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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