Joby Aviation's (JOBY) "Buy" Rating Reiterated at Canaccord Genuity Group

Joby Aviation (NYSE:JOBY - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Canaccord Genuity Group in a report issued on Wednesday,Benzinga reports. They presently have a $12.00 price target on the stock. Canaccord Genuity Group's target price points to a potential upside of 58.84% from the company's previous close.

JOBY has been the subject of several other reports. JPMorgan Chase & Co. decreased their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a report on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, April 30th. Morgan Stanley restated an "equal weight" rating and set a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $9.00 price target on shares of Joby Aviation in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Joby Aviation currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.67.

Joby Aviation Trading Down 4.0%

JOBY traded down $0.32 on Wednesday, hitting $7.56. 21,322,730 shares of the company's stock were exchanged, compared to its average volume of 13,079,699. The firm has a market cap of $5.98 billion, a PE ratio of -10.79 and a beta of 2.39. Joby Aviation has a twelve month low of $4.66 and a twelve month high of $10.72. The stock has a fifty day moving average of $6.54 and a two-hundred day moving average of $7.28.

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

Insiders Place Their Bets

In related news, insider Bonny W. Simi sold 9,695 shares of Joby Aviation stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $65,732.10. Following the completion of the transaction, the insider now directly owns 146,941 shares of the company's stock, valued at $996,259.98. This trade represents a 6.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul Cahill Sciarra sold 166,667 shares of Joby Aviation stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $1,130,002.26. Following the transaction, the director now directly owns 58,494,728 shares of the company's stock, valued at $396,594,255.84. This represents a 0.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 750,950 shares of company stock worth $4,640,619 in the last ninety days. Insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its holdings in Joby Aviation by 9.9% during the 4th quarter. NewEdge Advisors LLC now owns 21,505 shares of the company's stock valued at $175,000 after purchasing an additional 1,935 shares during the last quarter. Xponance Inc. lifted its holdings in Joby Aviation by 6.5% during the 1st quarter. Xponance Inc. now owns 32,635 shares of the company's stock valued at $196,000 after purchasing an additional 1,993 shares during the last quarter. Gallagher Fiduciary Advisors LLC lifted its holdings in Joby Aviation by 3.1% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company's stock valued at $543,000 after purchasing an additional 2,000 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Joby Aviation by 1.1% during the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company's stock valued at $1,512,000 after purchasing an additional 2,065 shares during the last quarter. Finally, Private Advisor Group LLC lifted its holdings in Joby Aviation by 6.6% during the 4th quarter. Private Advisor Group LLC now owns 36,774 shares of the company's stock valued at $299,000 after purchasing an additional 2,261 shares during the last quarter. 52.85% of the stock is owned by institutional investors.

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.