Joby Aviation (NYSE:JOBY) Upgraded by JPMorgan Chase & Co. to "Neutral"

JPMorgan Chase & Co. upgraded shares of Joby Aviation (NYSE:JOBY - Free Report) from an underweight rating to a neutral rating in a report published on Friday morning, MarketBeat.com reports. They currently have $5.00 target price on the stock.

Joby Aviation Stock Performance

Shares of JOBY stock remained flat at $5.38 during mid-day trading on Friday. The stock had a trading volume of 4,212,326 shares, compared to its average volume of 4,874,799. Joby Aviation has a 52-week low of $4.06 and a 52-week high of $11.98. The company has a 50-day moving average of $5.12 and a 200-day moving average of $5.73. The firm has a market capitalization of $3.78 billion, a PE ratio of -6.64 and a beta of 2.04.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.02. The business had revenue of $1.03 million during the quarter, compared to analysts' expectations of $1.50 million. During the same quarter in the prior year, the firm earned ($0.14) EPS. As a group, equities research analysts predict that Joby Aviation will post -0.72 EPS for the current fiscal year.

Insider Activity at Joby Aviation

In related news, CEO Joeben Bevirt sold 250,000 shares of the company's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $5.18, for a total transaction of $1,295,000.00. Following the completion of the sale, the chief executive officer now owns 32,774,274 shares in the company, valued at $169,770,739.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Joby Aviation news, insider Matthew Field sold 12,500 shares of the business's stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $5.50, for a total transaction of $68,750.00. Following the completion of the sale, the insider now owns 232,506 shares of the company's stock, valued at $1,278,783. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 250,000 shares of the business's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $5.18, for a total value of $1,295,000.00. Following the sale, the chief executive officer now directly owns 32,774,274 shares of the company's stock, valued at approximately $169,770,739.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 550,832 shares of company stock worth $2,822,382. 49.50% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Several hedge funds have recently bought and sold shares of the stock. Sittner & Nelson LLC boosted its stake in shares of Joby Aviation by 100.0% in the third quarter. Sittner & Nelson LLC now owns 4,000 shares of the company's stock worth $26,000 after acquiring an additional 2,000 shares during the period. Exchange Traded Concepts LLC bought a new position in shares of Joby Aviation in the third quarter worth about $47,000. Monterey Private Wealth Inc. bought a new position in shares of Joby Aviation in the fourth quarter worth about $67,000. International Assets Investment Management LLC bought a new position in shares of Joby Aviation in the fourth quarter worth about $73,000. Finally, Teza Capital Management LLC bought a new position in shares of Joby Aviation in the third quarter worth about $76,000. Institutional investors own 45.54% 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.