Joby Aviation (NYSE:JOBY) Trading 8.7% Higher - Should You Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) rose 8.7% during trading on Tuesday . The stock traded as high as $8.73 and last traded at $8.15. Approximately 24,039,570 shares traded hands during trading, an increase of 88% from the average daily volume of 12,816,595 shares. The stock had previously closed at $7.50.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on JOBY shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Canaccord Genuity Group reiterated a "buy" rating and set a $12.00 target price on shares of Joby Aviation in a research report on Wednesday. Cantor Fitzgerald reissued an "overweight" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Monday, May 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Joby Aviation currently has a consensus rating of "Moderate Buy" and an average target price of $8.67.

Joby Aviation Stock Performance

The company has a market cap of $6.22 billion, a price-to-earnings ratio of -11.21 and a beta of 2.39. The firm's 50-day moving average price is $6.54 and its 200 day moving average price is $7.28.

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

Insider Buying and Selling

In other Joby Aviation news, insider Bonny W. Simi sold 9,695 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $65,732.10. Following the sale, the insider now directly owns 146,941 shares in the company, valued at approximately $996,259.98. This trade represents a 6.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Motor Corp/ Toyota acquired 49,701,790 shares of the stock in a transaction dated Thursday, May 22nd. The shares were bought at an average cost of $5.03 per share, with a total value of $250,000,003.70. Following the transaction, the director now directly owns 122,573,621 shares of the company's stock, valued at $616,545,313.63. This represents a 68.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 750,950 shares of company stock valued at $4,640,619. 28.50% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

Several hedge funds and other institutional investors have recently modified their holdings of JOBY. GAMMA Investing LLC boosted its position in shares of 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 buying an additional 5,015 shares during the period. Strs Ohio acquired a new position in Joby Aviation during the 1st quarter worth approximately $37,000. Whittier Trust Co. bought a new position in shares of Joby Aviation during the 4th quarter worth approximately $38,000. Compagnie Lombard Odier SCmA acquired a new position in Joby Aviation during the fourth quarter worth $41,000. Finally, Toronto Dominion Bank bought a new stake in Joby Aviation during the 4th quarter worth about $41,000. Institutional investors and hedge funds 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.