Joby Aviation (NYSE:JOBY) Shares Up 4.1% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price traded up 4.1% on Thursday . The stock traded as high as $11.99 and last traded at $12.03. 6,409,190 shares were traded during trading, a decline of 58% from the average session volume of 15,142,562 shares. The stock had previously closed at $11.56.

Analysts Set New Price Targets

Several research analysts have commented on the company. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $12.00 price target on shares of Joby Aviation in a research report on Wednesday, June 4th. HC Wainwright restated a "buy" rating and issued a $13.00 price objective (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Morgan Stanley reiterated an "equal weight" rating and set a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $9.33.

Joby Aviation Trading Down 2.3%

The company has a fifty day moving average price of $8.38 and a two-hundred day moving average price of $7.60. The company has a market cap of $9.54 billion, a price-to-earnings ratio of -14.35 and a beta of 2.47.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly 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 net margin of 447,083.78% and a negative return on equity of 63.27%. During the same quarter in the prior year, the company earned ($0.14) EPS. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, insider Kate Dehoff sold 13,790 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $9.82, for a total value of $135,417.80. Following the completion of the transaction, the insider directly owned 215,296 shares of the company's stock, valued at approximately $2,114,206.72. This represents a 6.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Gregory Bowles sold 7,961 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $10.28, for a total value of $81,839.08. Following the completion of the sale, the insider directly owned 153,280 shares in the company, valued at approximately $1,575,718.40. This represents a 4.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,514,473 shares of company stock worth $13,527,540 in the last 90 days. 28.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in shares of Joby Aviation by 7.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,279,027 shares of the company's stock valued at $10,398,000 after acquiring an additional 84,080 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in Joby Aviation in the 4th quarter valued at about $145,000. Jones Financial Companies Lllp raised its stake in shares of Joby Aviation by 374.3% in the fourth quarter. Jones Financial Companies Lllp now owns 8,703 shares of the company's stock worth $71,000 after acquiring an additional 6,868 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of Joby Aviation by 488.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 10,154 shares of the company's stock valued at $83,000 after purchasing an additional 8,427 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Joby Aviation by 10.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company's stock valued at $31,661,000 after buying an additional 361,520 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.