Joby Aviation (NYSE:JOBY) Stock Price Up 3.1% – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY) rose 3.1% during mid-day trading on Friday . The stock traded as high as $7.29 and last traded at $7.01. Approximately 9,583,964 shares traded hands during mid-day trading, an increase of 25% from the average daily volume of 7,660,761 shares. The stock had previously closed at $6.80.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. Needham & Company LLC began coverage on Joby Aviation in a research note on Tuesday. They issued a “buy” rating and a $8.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. Canaccord Genuity Group cut their price target on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Joby Aviation has a consensus rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Performance

The company has a 50 day simple moving average of $5.51 and a two-hundred day simple moving average of $5.36. The company has a market cap of $5.52 billion, a PE ratio of -10.01 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. During the same period in the previous year, the firm posted ($0.13) earnings per share. As a group, analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, insider Matthew Field sold 5,643 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $5.96, for a total value of $33,632.28. Following the completion of the sale, the insider now directly owns 293,143 shares of the company’s stock, valued at $1,747,132.28. The trade was a 1.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Didier Papadopoulos sold 6,025 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now owns 47,474 shares in the company, valued at $253,036.42. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 525,499 shares of company stock worth $2,667,151. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC grew its position in shares of Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after buying an additional 5,840 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Joby Aviation in the third quarter valued at approximately $51,000. Sound Income Strategies LLC increased its position in Joby Aviation by 3,311.3% during the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after acquiring an additional 10,000 shares during the period. Finally, Integris Wealth Management LLC bought a new stake in Joby Aviation in the 2nd quarter valued at $54,000. Institutional investors and hedge funds 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.