Joby Aviation (NYSE:JOBY) Trading Up 29.2% After Insider Buying Activity

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) rose 29.2% on Wednesday following insider buying activity. The company traded as high as $8.82 and last traded at $8.89. Approximately 50,613,015 shares traded hands during trading, an increase of 313% from the average daily volume of 12,258,657 shares. The stock had previously closed at $6.88.

Specifically, Director Motor Corp/ Toyota bought 49,701,790 shares of the stock in a transaction on Thursday, May 22nd. The shares were purchased at an average cost of $5.03 per share, with a total value of $250,000,003.70. Following the completion of the transaction, the director now directly owns 122,573,621 shares of the company's stock, valued at $616,545,313.63. This represents a 68.20% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

JOBY has been the topic of several analyst reports. JPMorgan Chase & Co. lowered 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 report on Thursday, February 27th. Morgan Stanley reaffirmed 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. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Monday, May 5th. Canaccord Genuity Group raised their price target on Joby Aviation from $11.50 to $12.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $8.67.

Joby Aviation Price Performance

The company's 50 day moving average is $6.39 and its two-hundred day moving average is $7.22. The firm has a market cap of $7.16 billion, a P/E ratio of -12.61 and a beta of 2.34.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period last year, the business posted ($0.14) EPS. Research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Institutional Trading of Joby Aviation

Large investors have recently bought and sold shares of the stock. Rheos Capital Works Inc. raised its stake in shares of Joby Aviation by 17.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock valued at $19,553,000 after acquiring an additional 350,000 shares during the last quarter. Entropy Technologies LP bought a new position in shares of Joby Aviation in the fourth quarter valued at approximately $300,000. Raymond James Financial Inc. bought a new position in shares of Joby Aviation in the fourth quarter valued at approximately $2,168,000. Charles Schwab Investment Management Inc. raised its stake in shares of Joby Aviation by 10.2% in 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 acquiring an additional 361,520 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Joby Aviation in the fourth quarter valued at approximately $311,000. 52.85% of the stock is currently owned by institutional investors.

Joby Aviation Company Profile

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.