Joby Aviation (NYSE:JOBY) Trading 2% Higher - Here's Why

Key Points

• Shares rose 2% to $8.505 on Monday with volume about 21% below average; the stock has a market cap near $7.75B and trades below its 50- and 200-day moving averages.
• Quarterly results beat estimates: Joby posted EPS of ($0.14) vs. ($0.20) expected and revenue of $30.84M vs. $16.88M expected, a 5,506% YoY revenue increase, though analysts still forecast a full-year EPS of about -0.69.
• Mixed analyst views and insider selling: the consensus rating is "Reduce" with a $13.81 target (range $7–$18), while insiders sold roughly 1.33M shares (~$13.8M) in the past 90 days even as insiders own 32.4% and institutions own ~52.9% of the stock.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded up 2% during mid-day trading on Monday . The company traded as high as $8.56 and last traded at $8.5050. 20,921,343 shares changed hands during trading, a decline of 21% from the average session volume of 26,606,908 shares. The stock had previously closed at $8.34.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Needham & Company LLC lowered their price target on Joby Aviation to $18.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research report on Thursday, January 22nd. JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an "underweight" rating for the company in a research report on Thursday, February 26th. Canaccord Genuity Group restated a "hold" rating and issued a $15.50 price objective on shares of Joby Aviation in a research report on Tuesday, February 3rd. Finally, HC Wainwright restated a "buy" rating and issued a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, March 12th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $13.81.

Joby Aviation Price Performance

The stock has a market cap of $7.75 billion, a price-to-earnings ratio of -7.46 and a beta of 2.68. The stock's 50-day moving average is $9.53 and its 200 day moving average is $13.15.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to analyst estimates of $16.88 million. Joby Aviation's revenue for the quarter was up 5506.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.34) EPS. Analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In other news, insider Bonny W. Simi sold 7,696 shares of Joby Aviation stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $8.15, for a total transaction of $62,722.40. Following the completion of the sale, the insider directly owned 217,475 shares in the company, valued at approximately $1,772,421.25. This trade represents a 3.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 15,823 shares of Joby Aviation stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $8.15, for a total transaction of $128,957.45. Following the sale, the chief executive officer owned 263,862 shares of the company's stock, valued at approximately $2,150,475.30. The trade was a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,331,614 shares of company stock valued at $13,819,083 in the last 90 days. Insiders own 32.40% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of JOBY. Vanguard Group Inc. lifted its position in shares of Joby Aviation by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company's stock valued at $806,166,000 after acquiring an additional 5,828,189 shares during the period. Man Group plc acquired a new stake in shares of Joby Aviation during the 3rd quarter valued at approximately $40,283,000. Norges Bank acquired a new stake in shares of Joby Aviation during the 4th quarter valued at approximately $32,269,000. Clear Street Group Inc. acquired a new stake in shares of Joby Aviation during the 3rd quarter valued at approximately $36,264,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Joby Aviation by 80.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company's stock valued at $44,672,000 after acquiring an additional 1,512,094 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company's core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby's eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company's flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.

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