Joby Aviation (NYSE:JOBY) Stock Price Up 2.6% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded up 2.6% on Tuesday . The stock traded as high as $6.90 and last traded at $6.81. 2,952,474 shares changed hands during trading, a decline of 75% from the average session volume of 12,050,173 shares. The stock had previously closed at $6.63.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Needham & Company LLC restated a "buy" rating and set a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright reaffirmed a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, April 30th. JPMorgan Chase & Co. cut their price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a report on Thursday, February 27th. Canaccord Genuity Group upped their price objective on Joby Aviation from $11.50 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Morgan Stanley restated an "equal weight" rating and set a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Joby Aviation presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.67.

Joby Aviation Stock Performance

The business has a 50 day moving average of $6.35 and a two-hundred day moving average of $7.21. The stock has a market capitalization of $6.74 billion, a PE ratio of -12.25 and a beta of 2.34.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the previous year, the business earned ($0.14) earnings per share. On average, equities analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, insider Bonny W. Simi sold 9,695 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $6.78, for a total value of $65,732.10. Following the completion of the sale, the insider now directly owns 146,941 shares in the company, valued at $996,259.98. The trade was a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $5.89, for a total value of $1,472,500.00. Following the completion of the sale, the chief executive officer now owns 32,275,793 shares of the company's stock, valued at $190,104,420.77. This trade represents a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 753,726 shares of company stock worth $4,658,913 over the last three months. 28.50% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in 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 last quarter. Whittier Trust Co. acquired a new stake in Joby Aviation in the 4th quarter valued at about $38,000. Compagnie Lombard Odier SCmA acquired a new stake in Joby Aviation in the 4th quarter valued at about $41,000. Toronto Dominion Bank purchased a new position in Joby Aviation in the fourth quarter valued at $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new stake in shares of Joby Aviation during the 4th quarter worth about $41,000. 52.85% of the stock is owned by institutional investors and hedge funds.

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.