Joby Aviation (NYSE:JOBY) Shares Gap Up – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s share price gapped up prior to trading on Friday . The stock had previously closed at $8.00, but opened at $8.30. Joby Aviation shares last traded at $9.11, with a volume of 6,421,945 shares changing hands.

Wall Street Analyst Weigh In

JOBY has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. Canaccord Genuity Group reduced their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. JPMorgan Chase & Co. dropped their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Price Performance

The stock has a market capitalization of $6.98 billion, a PE ratio of -13.01 and a beta of 1.97. The firm’s 50 day simple moving average is $5.77 and its 200 day simple moving average is $5.45.

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

Insider Activity at Joby Aviation

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,666 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $5.15, for a total transaction of $858,329.90. Following the completion of the transaction, the director now owns 59,828,059 shares of the company’s stock, valued at $308,114,503.85. This represents a 0.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Gregory Bowles sold 7,748 shares of Joby Aviation stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the sale, the insider now owns 29,235 shares in the company, valued at approximately $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 535,526 shares of company stock worth $2,745,708 in the last three months. 32.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its stake in shares of Joby Aviation by 218.3% during 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 in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after acquiring an additional 5,840 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Joby Aviation in the third quarter worth $51,000. Sound Income Strategies LLC increased its holdings in shares of Joby Aviation by 3,311.3% during the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Integris Wealth Management LLC purchased a new position in shares of Joby Aviation in the 2nd quarter worth about $54,000. 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.