Joby Aviation (NYSE:JOBY) Stock Price Up 0.5% - Here's Why

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded up 0.5% during mid-day trading on Friday . The company traded as high as $6.57 and last traded at $6.51. 2,690,977 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 11,452,976 shares. The stock had previously closed at $6.48.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on JOBY shares. HC Wainwright reiterated a "buy" rating and set a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. JPMorgan Chase & Co. lowered their price objective on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Thursday, February 27th. Cantor Fitzgerald reissued an "overweight" rating and issued a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 price target (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Finally, Needham & Company LLC reissued a "buy" rating and set a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $8.58.

Joby Aviation Trading Up 1.7 %

The stock has a market capitalization of $5.17 billion, a price-to-earnings ratio of -9.37 and a beta of 2.35. The stock has a fifty day moving average of $6.26 and a two-hundred day moving average of $7.01.

Insider Activity

In other news, CEO Joeben Bevirt sold 250,000 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $5.89, for a total transaction of $1,472,500.00. Following the completion of the sale, the chief executive officer now owns 32,275,793 shares in the company, valued at $190,104,420.77. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul Cahill Sciarra sold 333,334 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the transaction, the director now owns 58,661,395 shares in the company, valued at approximately $470,464,387.90. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,002,161 shares of company stock worth $6,781,863. 32.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in JOBY. Rheos Capital Works Inc. raised its stake in shares of Joby Aviation by 17.0% during the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock worth $19,553,000 after buying an additional 350,000 shares during the last quarter. Hamilton Lane Advisors LLC bought a new stake in shares of Joby Aviation in the 4th quarter valued at about $418,000. Entropy Technologies LP acquired a new stake in shares of Joby Aviation in the 4th quarter valued at approximately $300,000. Raymond James Financial Inc. bought a new position in Joby Aviation during the 4th quarter worth approximately $2,168,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Joby Aviation by 10.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company's stock valued at $31,661,000 after purchasing an additional 361,520 shares during the period. 52.85% of the stock is currently 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.