Joby Aviation (NYSE:JOBY) Trading Up 3.1% - Should You Buy?

Key Points

• Joby Aviation's stock price increased by 3.1% to $16.15, with trading volume surpassing the daily average by 53%.
• Recent analyst ratings reflect a mixed outlook, with one buy, four holds, and three sells, resulting in a consensus rating of "Reduce" and an average price target of $11.83.
• Joby reported a disappointing quarterly earnings report, missing EPS estimates and showing a 94.6% drop in revenue compared to the previous year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price was up 3.1% during trading on Friday . The stock traded as high as $16.56 and last traded at $16.15. Approximately 40,267,283 shares were traded during trading, an increase of 53% from the average daily volume of 26,357,225 shares. The stock had previously closed at $15.67.

Analyst Ratings Changes

Several equities research analysts have recently commented on JOBY shares. Wall Street Zen cut Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research note on Wednesday, October 8th. Morgan Stanley increased their price objective on Joby Aviation from $7.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 9th. Canaccord Genuity Group cut Joby Aviation from a "buy" rating to a "hold" rating and increased their price objective for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. increased their price objective on Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $11.83.

Joby Aviation Price Performance

The company has a 50-day simple moving average of $15.51 and a 200-day simple moving average of $12.00. The stock has a market cap of $13.83 billion, a PE ratio of -15.10 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The business had revenue of $0.02 million during the quarter, compared to analysts' expectations of $0.05 million. The business's quarterly revenue was down 94.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.18) EPS. On average, equities analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, insider Kate Dehoff sold 20,824 shares of the company's stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $17.48, for a total value of $364,003.52. Following the sale, the insider owned 149,369 shares of the company's stock, valued at approximately $2,610,970.12. This represents a 12.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Allison sold 27,537 shares of the company's stock in a transaction on Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the sale, the insider directly owned 692,428 shares in the company, valued at $11,660,487.52. This trade represents a 3.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,830,880 shares of company stock valued at $28,060,985 in the last three months. 28.50% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Several large investors have recently bought and sold shares of the company. CWM LLC grew its holdings in Joby Aviation by 8.1% in the second quarter. CWM LLC now owns 9,156 shares of the company's stock valued at $97,000 after purchasing an additional 689 shares during the last quarter. Asset Planning Inc boosted its stake in shares of Joby Aviation by 70.0% during the third quarter. Asset Planning Inc now owns 1,700 shares of the company's stock valued at $27,000 after acquiring an additional 700 shares during the last quarter. GPS Wealth Strategies Group LLC boosted its stake in shares of Joby Aviation by 32.0% during the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after acquiring an additional 750 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Joby Aviation by 11.9% during the second quarter. Allworth Financial LP now owns 7,197 shares of the company's stock valued at $76,000 after acquiring an additional 763 shares during the last quarter. Finally, Flagship Harbor Advisors LLC boosted its stake in shares of Joby Aviation by 2.6% during the second quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company's stock valued at $335,000 after acquiring an additional 800 shares during the last quarter. Institutional investors and hedge funds 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.

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