Joby Aviation (NYSE:JOBY) Trading Up 13.4% - Here's Why

Key Points

• Joby Aviation's stock surged by 13.4%, reaching a trading high of $16.66, and significantly increased sharing volume, indicating heightened investor interest.
• Recent analyst ratings have been mixed, with multiple downgrades resulting in an average rating of "Hold" and a target price of $10.50.
• Joby reported disappointing earnings results, with a 94.6% decline in revenue year-over-year and a loss per share that missed analysts' expectations.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) rose 13.4% on Friday . The company traded as high as $16.66 and last traded at $16.59. Approximately 61,886,799 shares were traded during trading, an increase of 168% from the average daily volume of 23,057,133 shares. The stock had previously closed at $14.63.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on JOBY shares. Wall Street Zen cut shares of Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. HC Wainwright lowered Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. boosted their target price on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a report on Friday, August 1st. Finally, Canaccord Genuity Group cut Joby Aviation from a "buy" rating to a "hold" rating and upped their target price for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.50.

Joby Aviation Trading Down 4.3%

The company has a fifty day moving average of $15.76 and a two-hundred day moving average of $10.37.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.06). Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. During the same quarter last year, the business posted ($0.18) EPS. The firm's revenue was down 94.6% on a year-over-year basis. Analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 300,000 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $10.79, for a total transaction of $3,237,000.00. Following the sale, the insider directly owned 203,588 shares in the company, valued at approximately $2,196,714.52. The trade was a 59.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 472,000 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $9.82, for a total transaction of $4,635,040.00. Following the sale, the chief executive officer owned 360,999 shares in the company, valued at $3,545,010.18. The trade was a 56.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,614,263 shares of company stock worth $33,291,766 in the last three months. 32.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its position in Joby Aviation by 284.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after purchasing an additional 1,880 shares in the last quarter. GPS Wealth Strategies Group LLC raised its position in shares of Joby Aviation by 32.0% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after purchasing an additional 750 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in Joby Aviation in the 2nd quarter valued at approximately $39,000. Solstein Capital LLC acquired a new stake in Joby Aviation during the 2nd quarter valued at $47,000. Finally, Carolinas Wealth Consulting LLC purchased a new position in Joby Aviation during the fourth quarter worth $41,000. 52.85% of the stock is owned by hedge funds and other 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.