Joby Aviation (NYSE:JOBY) Stock Price Up 5.4% - Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price rose 5.4% on Monday . The stock traded as high as $9.08 and last traded at $9.07. Approximately 8,040,347 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 13,899,097 shares. The stock had previously closed at $8.60.

Analyst Upgrades and Downgrades

JOBY has been the topic of several analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. HC Wainwright reaffirmed a "buy" rating and issued a $13.00 target price (up previously from $9.00) on shares of Joby Aviation in a report on Monday, June 9th. Cantor Fitzgerald cut shares of Joby Aviation from an "overweight" rating to a "neutral" rating and set a $9.00 target price on the stock. in a report on Thursday. JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, February 27th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $12.00 price objective on shares of Joby Aviation in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $9.33.

Joby Aviation Trading Up 3.3%

The business's fifty day moving average price is $6.97 and its 200 day moving average price is $7.37. The firm has a market capitalization of $7.04 billion, a price-to-earnings ratio of -12.69 and a beta of 2.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates 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 period in the previous year, the business posted ($0.14) EPS. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Joeben Bevirt sold 101,652 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $6.66, for a total transaction of $677,002.32. Following the sale, the chief executive officer now owns 60,526,762 shares of the company's stock, valued at approximately $403,108,234.92. The trade was a 0.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Motor Corp/ Toyota bought 49,701,790 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was bought at an average cost of $5.03 per share, with a total value of $250,000,003.70. Following the completion of the acquisition, the director now owns 122,573,621 shares of the company's stock, valued at $616,545,313.63. This represents a 68.20% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 750,950 shares of company stock valued at $4,640,619 in the last ninety days. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently modified their holdings of JOBY. GAMMA Investing LLC boosted its position in Joby Aviation by 773.9% during the first 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 acquired a new stake in Joby Aviation in the 1st quarter valued at about $37,000. Whittier Trust Co. acquired a new stake in Joby Aviation in the 4th quarter valued at about $38,000. Toronto Dominion Bank acquired a new stake in Joby Aviation in the 4th quarter valued at about $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new stake in Joby Aviation in the 4th quarter valued at about $41,000. Institutional investors and hedge funds 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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