Joby Aviation (NYSE:JOBY) Trading Up 2.4% - What's Next?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares shot up 2.4% on Tuesday . The company traded as high as $7.29 and last traded at $7.18. 8,043,657 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 11,759,488 shares. The stock had previously closed at $7.01.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on JOBY. JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a report on Thursday, February 27th. Morgan Stanley restated an "equal weight" rating and set a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. HC Wainwright restated a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, April 30th. Canaccord Genuity Group lifted their price target on shares of Joby Aviation from $11.50 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $9.00 price target on shares of Joby Aviation in a research note on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $8.67.

Joby Aviation Price Performance

The company has a 50-day simple moving average of $6.23 and a 200-day simple moving average of $7.08. The firm has a market cap of $5.64 billion, a PE ratio of -10.22 and a beta of 2.34.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period last year, the business earned ($0.14) earnings per share. As a group, equities research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Paul Cahill Sciarra sold 166,667 shares of the company's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $5.73, for a total value of $955,001.91. Following the transaction, the director now directly owns 58,328,061 shares of the company's stock, valued at $334,219,789.53. This represents a 0.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kate Dehoff sold 9,720 shares of the company's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $6.00, for a total value of $58,320.00. Following the completion of the transaction, the insider now directly owns 219,366 shares in the company, valued at approximately $1,316,196. The trade was a 4.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 652,114 shares of company stock worth $3,982,965 over the last 90 days. Company insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Whittier Trust Co. acquired a new stake in shares of Joby Aviation during the 4th quarter valued at about $38,000. Allworth Financial LP lifted its stake in Joby Aviation by 200.6% in the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company's stock worth $44,000 after purchasing an additional 3,320 shares in the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in shares of Joby Aviation during the 4th quarter worth approximately $41,000. Toronto Dominion Bank acquired a new stake in shares of Joby Aviation during the 4th quarter worth approximately $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new stake in shares of Joby Aviation during the 4th quarter worth approximately $41,000. 52.85% of the stock is owned by institutional investors and hedge funds.

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.