Joby Aviation (NYSE:JOBY) Trading Up 18.4% Following Analyst Upgrade

Key Points

• Joby Aviation's shares surged by 18.4% after JPMorgan Chase & Co. upgraded their price target from $5.00 to $7.00, despite maintaining an underweight rating on the stock.
• Director Motor Corp/Toyota increased their stake in Joby Aviation significantly by purchasing 49.7 million shares at an average price of $5.03 per share, raising their total ownership to approximately $616.5 million.
• The stock holds a consensus rating of "Hold" with a consensus target price of $9.67, while the company's market capitalization stands at $16.53 billion.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) were up 18.4% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $5.00 to $7.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Joby Aviation traded as high as $20.45 and last traded at $20.33. Approximately 35,918,873 shares were traded during trading, an increase of 79% from the average daily volume of 20,096,426 shares. The stock had previously closed at $17.16.

JOBY has been the subject of several other research reports. Morgan Stanley restated an "equal weight" rating and issued a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Canaccord Genuity Group restated a "buy" rating and issued a $12.00 price objective 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 report on Saturday, July 12th. Cantor Fitzgerald reissued a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Finally, HC Wainwright reissued a "buy" rating and issued a $13.00 target price (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $9.67.

Insider Activity at Joby Aviation

In other Joby Aviation news, Director Motor Corp/ Toyota bought 49,701,790 shares of Joby Aviation stock in a transaction dated Thursday, May 22nd. The stock was acquired at an average cost of $5.03 per share, with a total value of $250,000,003.70. Following the completion of the acquisition, the director owned 122,573,621 shares of the company's stock, valued at approximately $616,545,313.63. This represents a 68.20% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bonny W. Simi sold 300,000 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.79, for a total value of $3,237,000.00. Following the transaction, the insider directly owned 203,588 shares in the company, valued at approximately $2,196,714.52. This represents a 59.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,867,653 shares of company stock worth $19,256,442 in the last three months. Company insiders own 32.40% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently modified their holdings of JOBY. GAMMA Investing LLC grew its position in Joby Aviation by 773.9% in the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after buying an additional 5,015 shares during the last quarter. Strs Ohio acquired a new stake in shares of Joby Aviation in the 1st quarter worth $37,000. Ameritas Advisory Services LLC purchased a new stake in shares of Joby Aviation in the second quarter valued at about $39,000. Toronto Dominion Bank acquired a new position in shares of Joby Aviation during the fourth quarter worth about $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new position in shares of Joby Aviation during the fourth quarter worth about $41,000. Hedge funds and other institutional investors own 52.85% of the company's stock.

Joby Aviation Stock Up 21.6%

The stock has a market capitalization of $16.53 billion, a PE ratio of -24.86 and a beta of 2.52. The firm's fifty day moving average is $11.43 and its 200-day moving average is $8.44.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 quarter in the prior year, the business posted ($0.14) earnings per share. On average, analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

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.

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