Joby Aviation (NYSE:JOBY) Stock Price Up 7.8% - Here's What Happened

Key Points

• Joby Aviation's stock price surged by 7.8% to $18.08, significantly increasing trading volume by 319% compared to its average session.
• Analysts hold a mixed view on Joby, with one buy rating, four hold ratings, and two sell ratings, against a consensus price target of $11.83.
• The company's quarterly earnings report indicated a significant decline in revenue, down 94.6% year-over-year, with an EPS miss of $0.06 against expectations.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price shot up 7.8% on Tuesday . The stock traded as high as $18.44 and last traded at $18.08. 106,659,480 shares traded hands during trading, an increase of 319% from the average session volume of 25,426,600 shares. The stock had previously closed at $16.77.

Wall Street Analyst Weigh In

Several research firms have weighed in on JOBY. Cantor Fitzgerald restated a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Wall Street Zen cut shares of Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. raised their price objective on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Canaccord Genuity Group downgraded Joby Aviation from a "buy" rating to a "hold" rating and raised their price target for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. Finally, HC Wainwright downgraded Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $11.83.

Joby Aviation Trading Up 7.8%

The stock has a market capitalization of $15.48 billion, a PE ratio of -16.90 and a beta of 2.52. The company's 50 day simple moving average is $15.72 and its 200 day simple moving average is $11.49.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. The firm's revenue for the quarter was down 94.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.18) earnings per share. As a group, analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In related news, insider Kate Dehoff sold 52,907 shares of the business's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $15.76, for a total value of $833,814.32. Following the completion of the sale, the insider directly owned 149,369 shares in the company, valued at approximately $2,354,055.44. The trade was a 26.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Cahill Sciarra sold 500,001 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $14.30, for a total transaction of $7,150,014.30. Following the completion of the sale, the director owned 56,328,057 shares of the company's stock, valued at approximately $805,491,215.10. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,774,257 shares of company stock worth $27,094,126. Corporate insiders own 28.50% of the company's stock.

Institutional Trading of Joby Aviation

Several institutional investors have recently made changes to their positions in the stock. Toyota Motor Corp grew its position in Joby Aviation by 63.1% during the second quarter. Toyota Motor Corp now owns 128,454,401 shares of the company's stock valued at $1,355,194,000 after acquiring an additional 49,701,790 shares during the period. Geode Capital Management LLC grew its position in Joby Aviation by 5.4% during the second quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company's stock valued at $117,230,000 after acquiring an additional 573,328 shares during the period. State Street Corp grew its holdings in shares of Joby Aviation by 3.0% during the 2nd quarter. State Street Corp now owns 10,392,018 shares of the company's stock worth $109,636,000 after purchasing an additional 305,109 shares during the period. Rheos Capital Works Inc. grew its holdings in shares of Joby Aviation by 58.2% during the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock worth $76,013,000 after purchasing an additional 2,650,000 shares during the period. Finally, ARK Investment Management LLC grew its holdings in shares of Joby Aviation by 1.9% during the 2nd quarter. ARK Investment Management LLC now owns 3,507,405 shares of the company's stock worth $37,003,000 after purchasing an additional 64,562 shares during the period. 52.85% of the stock is owned by hedge funds and other institutional investors.

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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