Joby Aviation (NYSE:JOBY) Trading 2.1% Higher - Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price rose 2.1% during trading on Tuesday . The company traded as high as $8.85 and last traded at $8.69. Approximately 6,558,160 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 14,165,378 shares. The stock had previously closed at $8.51.

Wall Street Analyst Weigh In

JOBY has been the topic of several analyst reports. Canaccord Genuity Group reiterated a "buy" rating and issued a $12.00 price objective on shares of Joby Aviation in a report on Wednesday, June 4th. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. 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. JPMorgan Chase & Co. decreased their target price on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Thursday, February 27th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Monday. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $9.33.

Joby Aviation Stock Down 3.7%

The firm's fifty day moving average is $7.36 and its two-hundred day moving average is $7.39. The firm has a market cap of $6.73 billion, a P/E ratio of -10.12 and a beta of 2.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share 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) EPS. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In other news, insider Kate Dehoff sold 9,720 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $6.00, for a total transaction of $58,320.00. Following the sale, the insider now directly owns 219,366 shares in the company, valued at $1,316,196. This trade represents a 4.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Cahill Sciarra sold 333,334 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $8.40, for a total value of $2,800,005.60. Following the completion of the sale, the director now owns 57,828,060 shares of the company's stock, valued at $485,755,704. The trade was a 0.57% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 912,605 shares of company stock worth $6,286,569. Corporate insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently modified their holdings of JOBY. Rhumbline Advisers grew its stake in Joby Aviation by 5.4% during the first quarter. Rhumbline Advisers now owns 626,743 shares of the company's stock valued at $3,773,000 after acquiring an additional 32,324 shares in the last quarter. Strs Ohio purchased a new position in shares of Joby Aviation during the first quarter valued at about $37,000. Intech Investment Management LLC increased its holdings in shares of Joby Aviation by 70.4% in the first quarter. Intech Investment Management LLC now owns 307,135 shares of the company's stock worth $1,849,000 after purchasing an additional 126,908 shares during the last quarter. Integrity Alliance LLC. purchased a new stake in shares of Joby Aviation in the first quarter worth about $124,000. Finally, PharVision Advisers LLC purchased a new position in Joby Aviation during the 1st quarter valued at approximately $61,000. Institutional investors own 52.85% of the company's stock.

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.