Joby Aviation (NYSE:JOBY) Trading 11.1% Higher - Here's Why

Key Points

• Joby Aviation's stock experienced a significant rise of 11.1%, trading as high as $17.50, with a volume increase of 134% compared to its average daily trading volume.
• Analysts have mixed ratings on Joby Aviation, with consensus ratings indicating a "Reduce" and a target price of $11.83, while one analyst rated it a Buy.
• Recent insider selling included Kate Dehoff and Eric Allison, who sold a combined total of nearly 49,000 shares, indicating a 12.24% and 3.82% decrease in their respective ownership stakes.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price was up 11.1% during mid-day trading on Monday . The stock traded as high as $17.50 and last traded at $17.40. Approximately 60,719,778 shares changed hands during mid-day trading, an increase of 134% from the average daily volume of 25,893,740 shares. The stock had previously closed at $15.66.

Analyst Ratings Changes

Several analysts have issued reports on JOBY shares. Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. Canaccord Genuity Group lowered Joby Aviation from a "buy" rating to a "hold" rating and upped their price objective for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. Morgan Stanley upped their price objective on Joby Aviation from $7.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, October 9th. Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $11.83.

Joby Aviation Price Performance

The firm has a 50-day moving average price of $15.63 and a 200 day moving average price of $11.88. The company has a market cap of $14.90 billion, a price-to-earnings ratio of -16.26 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. During the same quarter last year, the firm earned ($0.18) earnings per share. The company's revenue was down 94.6% compared to the same quarter last year. On average, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Kate Dehoff sold 20,824 shares of the stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $17.48, for a total transaction of $364,003.52. Following the sale, the insider owned 149,369 shares of the company's stock, valued at $2,610,970.12. This represents a 12.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Eric Allison sold 27,537 shares of the firm's stock in a transaction on Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the sale, the insider directly owned 692,428 shares in the company, valued at approximately $11,660,487.52. This represents a 3.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,830,880 shares of company stock valued at $28,060,985 over the last ninety days. 28.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently modified their holdings of JOBY. 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 purchasing an additional 1,880 shares in the last quarter. Hilltop National Bank bought a new position in shares of Joby Aviation in the 3rd quarter valued at $32,000. GPS Wealth Strategies Group LLC lifted its stake 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 acquiring an additional 750 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Joby Aviation by 773.9% in the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after acquiring an additional 5,015 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Joby Aviation in the 1st quarter valued at $37,000. 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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