Joby Aviation (NYSE:JOBY) Shares Up 4.3% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) rose 4.3% on Wednesday . The company traded as high as $17.36 and last traded at $17.33. Approximately 9,553,628 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 16,599,147 shares. The stock had previously closed at $16.61.

Wall Street Analysts Forecast Growth

JOBY has been the subject of a number of recent research reports. Cantor Fitzgerald reissued a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Monday, June 23rd. Canaccord Genuity Group reissued a "buy" rating and issued a $12.00 target price on shares of Joby Aviation in a research note on Wednesday, June 4th. Wall Street Zen raised Joby Aviation from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Morgan Stanley reaffirmed an "equal weight" rating and set a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $13.00 price target (up previously from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Joby Aviation presently has an average rating of "Hold" and a consensus target price of $9.33.

Joby Aviation Trading Up 3.3%

The business has a fifty day simple moving average of $10.41 and a two-hundred day simple moving average of $8.15. The stock has a market cap of $14.32 billion, a PE ratio of -21.54 and a beta of 2.47.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 63.27% and a negative net margin of 447,083.78%. During the same period in the prior year, the company posted ($0.14) EPS. On average, research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 27,538 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $11.97, for a total transaction of $329,629.86. Following the sale, the insider directly owned 660,076 shares in the company, valued at approximately $7,901,109.72. This trade represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Paul Cahill Sciarra sold 500,001 shares of the stock in a transaction on Monday, July 14th. The shares were sold at an average price of $12.38, for a total value of $6,190,012.38. Following the sale, the director owned 57,328,059 shares in the company, valued at approximately $709,721,370.42. This represents a 0.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,867,653 shares of company stock worth $19,256,442. Insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently modified their holdings of JOBY. Toyota Motor Corp bought a new position in shares of Joby Aviation during the 4th quarter valued at $640,259,000. Uber Technologies Inc bought a new position in shares of Joby Aviation during the 4th quarter valued at $207,842,000. Vanguard Group Inc. lifted its holdings in shares of Joby Aviation by 15.8% during the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock valued at $380,163,000 after buying an additional 6,388,232 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Joby Aviation by 331.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock valued at $34,634,000 after buying an additional 3,272,597 shares during the period. Finally, Nuveen LLC bought a new position in shares of Joby Aviation during the 1st quarter valued at $18,936,000. 52.85% of the stock is owned by institutional investors.

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.