Joby Aviation (NYSE:JOBY) Stock Price Up 5.3% - Still a Buy?

Key Points

• Joby Aviation's stock experienced a 5.3% increase, trading at $16.70 after reaching a high of $17.18, with trading volume significantly up by 94% compared to the average.
• Analyst ratings are mixed, with one buy, four hold, and one sell, resulting in a consensus rating of "Hold" and an average price target of $10.50.
• Joby reported disappointing quarterly earnings, with a loss of $0.24 EPS and revenue that was down 94.6% year-over-year, which missed analysts' expectations.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) were up 5.3% during trading on Tuesday . The company traded as high as $17.18 and last traded at $16.70. Approximately 45,251,459 shares changed hands during mid-day trading, an increase of 94% from the average daily volume of 23,332,541 shares. The stock had previously closed at $15.86.

Analyst Upgrades and Downgrades

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

Joby Aviation Price Performance

The stock's fifty day moving average price is $15.76 and its 200 day moving average price is $10.37. The stock has a market capitalization of $14.29 billion, a P/E ratio of -15.60 and a beta of 2.51.

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

Insider Buying and Selling

In related news, insider Didier Papadopoulos sold 1,979 shares of the company's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.22, for a total value of $28,141.38. Following the completion of the sale, the insider directly owned 88,628 shares of the company's stock, valued at $1,260,290.16. This represents a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gregory Bowles sold 7,754 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $14.80, for a total transaction of $114,759.20. Following the completion of the sale, the insider directly owned 153,280 shares of the company's stock, valued at approximately $2,268,544. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,614,263 shares of company stock valued at $33,291,766 over the last quarter. 32.40% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after buying an additional 1,880 shares in the last quarter. GPS Wealth Strategies Group LLC boosted its holdings in shares of Joby Aviation by 32.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after buying an additional 750 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Joby Aviation in the 2nd quarter valued at about $39,000. Solstein Capital LLC bought a new stake in shares of Joby Aviation in the 2nd quarter valued at about $47,000. Finally, Carolinas Wealth Consulting LLC bought a new stake in shares of Joby Aviation in the 4th quarter valued at about $41,000. 52.85% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.