Joby Aviation (NYSE:JOBY) Trading 0.1% Higher - Here's What Happened

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price shot up 0.1% on Tuesday . The company traded as high as $6.57 and last traded at $6.46. 2,174,738 shares were traded during mid-day trading, a decline of 83% from the average session volume of 12,578,313 shares. The stock had previously closed at $6.45.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on JOBY shares. Cantor Fitzgerald reissued an "overweight" rating and set a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Needham & Company LLC reissued a "buy" rating and set a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Morgan Stanley restated an "equal weight" rating and set a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. HC Wainwright reiterated a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. reduced their price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.58.

Joby Aviation Stock Performance

The stock has a 50 day moving average of $6.26 and a 200-day moving average of $7.01. The company has a market cap of $5.16 billion, a PE ratio of -9.35 and a beta of 2.35.

Insider Buying and Selling

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,667 shares of the company's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $5.73, for a total value of $955,001.91. Following the sale, the director now directly owns 58,328,061 shares of the company's stock, valued at approximately $334,219,789.53. This represents a 0.28 % 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 this link. Also, insider Bonny W. Simi sold 12,382 shares of Joby Aviation stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $5.81, for a total value of $71,939.42. Following the transaction, the insider now owns 203,588 shares of the company's stock, valued at $1,182,846.28. The trade was a 5.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,002,161 shares of company stock valued at $6,781,863 over the last quarter. 32.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently bought and sold shares of JOBY. Tidal Investments LLC grew its position in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company's stock valued at $147,000 after buying an additional 3,522 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Joby Aviation during the 4th quarter valued at about $142,000. Watts Gwilliam & Co. LLC purchased a new position in shares of Joby Aviation in the 4th quarter valued at about $154,000. Salem Investment Counselors Inc. raised its holdings in Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock worth $41,000 after purchasing an additional 5,000 shares during the period. Finally, Hamilton Lane Advisors LLC purchased a new position in Joby Aviation during the fourth quarter worth approximately $418,000. Hedge funds and other institutional investors 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.

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