JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Joby Aviation (NYSE:JOBY) Stock

Key Points

• JPMorgan Chase & Co. raised its price target for Joby Aviation from $5.00 to $7.00, while maintaining an "underweight" rating, indicating a potential downside of 60.50% from the stock's current price.
• Joby Aviation shares saw an increase of 6.4% during trading, reaching $17.72, but the stock still has a 12-month low of $4.66 and a high of $18.55.
• Analysts are mixed on Joby Aviation, with ratings ranging from "sell" to "buy," leading to an average rating of "hold" and a price target of $9.67.

Joby Aviation (NYSE:JOBY - Get Free Report) had its price objective boosted by JPMorgan Chase & Co. from $5.00 to $7.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential downside of 60.50% from the stock's current price.

Several other research analysts have also recently commented on the stock. Wall Street Zen upgraded shares of Joby Aviation from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Morgan Stanley reaffirmed 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. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $12.00 price objective on shares of Joby Aviation in a research note on Wednesday, June 4th. HC Wainwright reissued a "buy" rating and issued a $13.00 target price (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $9.00 target price 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, three have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Joby Aviation has an average rating of "Hold" and an average price target of $9.67.

Joby Aviation Trading Up 6.4%

NYSE JOBY traded up $1.06 during trading hours on Friday, reaching $17.72. 23,549,457 shares of the company traded hands, compared to its average volume of 19,877,883. Joby Aviation has a 12 month low of $4.66 and a 12 month high of $18.55. The stock has a market capitalization of $14.03 billion, a PE ratio of -21.06 and a beta of 2.47. The company has a 50 day moving average of $11.22 and a two-hundred day moving average of $8.37.

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 (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 period in the prior year, the company posted ($0.14) EPS. On average, equities research analysts anticipate that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Joby Aviation

In related news, insider Didier Papadopoulos sold 5,102 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $10.28, for a total transaction of $52,448.56. Following the completion of the sale, the insider directly owned 84,953 shares in the company, valued at approximately $873,316.84. This trade represents a 5.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul Cahill Sciarra sold 500,001 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $12.38, for a total transaction of $6,190,012.38. Following the sale, the director owned 57,328,059 shares of the company's stock, valued at approximately $709,721,370.42. This represents a 0.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,867,653 shares of company stock valued at $19,256,442 in the last 90 days. Corporate insiders own 28.50% of the company's stock.

Institutional Trading of Joby Aviation

A number of institutional investors and hedge funds have recently modified their holdings of the company. Ameritas Advisory Services LLC bought a new stake in Joby Aviation in the 2nd quarter valued at $39,000. Solstein Capital LLC acquired a new position in Joby Aviation during the 2nd quarter valued at about $47,000. Toronto Dominion Bank bought a new position in shares of Joby Aviation in the 4th quarter valued at about $41,000. Carolinas Wealth Consulting LLC bought a new position in shares of Joby Aviation in the 4th quarter valued at about $41,000. Finally, AlphaQuest LLC raised its position in shares of Joby Aviation by 225.8% in the 2nd quarter. AlphaQuest LLC now owns 5,444 shares of the company's stock valued at $57,000 after acquiring an additional 3,773 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.

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