Joby Aviation (NYSE:JOBY) Stock Price Up 0.5% – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price rose 0.5% during trading on Tuesday . The stock traded as high as $8.18 and last traded at $8.02. Approximately 6,479,155 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 8,574,196 shares. The stock had previously closed at $7.98.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on JOBY. HC Wainwright reissued a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, October 2nd. Canaccord Genuity Group lowered their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Needham & Company LLC started coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Performance

The stock has a market cap of $6.26 billion, a P/E ratio of -11.46 and a beta of 2.32. The firm’s 50-day moving average is $6.45 and its two-hundred day moving average is $5.73.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data 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). The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter in the prior year, the company earned ($0.13) earnings per share. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 27,817 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $5.56, for a total value of $154,662.52. Following the completion of the transaction, the insider now directly owns 463,151 shares in the company, valued at $2,575,119.56. This trade represents a 5.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total value of $1,212,500.00. Following the transaction, the chief executive officer now directly owns 32,674,274 shares in the company, valued at $158,470,228.90. This trade represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 529,501 shares of company stock worth $2,713,595. 32.40% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the business. Ieq Capital LLC lifted its holdings in Joby Aviation by 68.6% during the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after purchasing an additional 1,807,054 shares during the last quarter. State Street Corp boosted its stake in shares of Joby Aviation by 9.5% in the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after buying an additional 812,248 shares during the period. Geode Capital Management LLC increased its position in shares of Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares during the period. Susquehanna Fundamental Investments LLC increased its holdings in Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after buying an additional 616,579 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Joby Aviation by 41.8% in the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after acquiring an additional 435,069 shares during the last quarter. Institutional investors own 52.85% 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.