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Joby Aviation (NYSE:JOBY) Trading Up 4.1% - Here's What Happened

Joby Aviation logo with Transportation background

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on JOBY shares. 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. 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. Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. Finally, Morgan Stanley restated an "equal weight" rating and issued a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. One equities 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $9.33.

View Our Latest Stock Analysis on JOBY

Joby Aviation Stock Performance

The firm has a market cap of $9.74 billion, a price-to-earnings ratio of -14.55 and a beta of 2.47. The business's 50-day moving average is $8.26 and its 200-day moving average is $7.57.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced 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 net margin of 447,083.78% and a negative return on equity of 63.27%. During the same quarter in the previous year, the company posted ($0.14) earnings per share. Equities research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, insider Didier Papadopoulos sold 5,102 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $10.28, for a total transaction of $52,448.56. Following the sale, the insider owned 84,953 shares of the company's stock, valued at $873,316.84. This represents a 5.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joeben Bevirt sold 32,285 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $9.82, for a total transaction of $317,038.70. Following the sale, the chief executive officer directly owned 391,493 shares in the company, valued at approximately $3,844,461.26. This represents a 7.62% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,514,473 shares of company stock worth $13,527,540. 28.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of JOBY. Toyota Motor Corp bought a new position in shares of Joby Aviation in the 4th quarter valued at about $640,259,000. Uber Technologies Inc bought a new position in shares of Joby Aviation in the 4th quarter valued at about $207,842,000. Vanguard Group Inc. boosted its stake in shares of Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock valued at $380,163,000 after purchasing an additional 6,388,232 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock valued at $34,634,000 after purchasing an additional 3,272,597 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Joby Aviation in the 1st quarter valued at about $18,936,000. Institutional investors own 52.85% of the company's stock.

Joby Aviation Company Profile

(Get Free Report)

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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