Joby Aviation Target of Unusually Large Options Trading (NYSE:JOBY)

Joby Aviation, Inc. (NYSE:JOBY) saw some unusual options trading on Wednesday. Stock traders purchased 27,169 call options on the company. This represents an increase of approximately 64% compared to the average daily volume of 16,519 call options.

Joby Aviation Stock Performance

Shares of Joby Aviation stock traded up $0.37 on Wednesday, reaching $8.61. The stock had a trading volume of 13,125,705 shares, compared to its average volume of 8,632,587. The business’s 50-day moving average price is $6.50 and its two-hundred day moving average price is $5.76. The stock has a market cap of $6.59 billion, a P/E ratio of -12.24 and a beta of 2.32. Joby Aviation has a fifty-two week low of $4.50 and a fifty-two week high of $9.33.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.28 million for the quarter, compared to the consensus estimate 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 last year, the company earned ($0.13) earnings per share. As a group, equities analysts forecast that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday. JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. Canaccord Genuity Group decreased their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday, October 29th. 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. Finally, Needham & Company LLC began coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Joby Aviation has an average rating of “Moderate Buy” and a consensus target price of $8.35.

Insider Activity

In related news, insider Didier Papadopoulos sold 6,005 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now directly owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul Cahill Sciarra sold 166,666 shares of the 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 sale, the director now owns 59,828,059 shares of the company’s stock, valued at approximately $308,114,503.85. The trade was a 0.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 535,506 shares of company stock worth $2,759,533 over the last quarter. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC boosted its holdings in Joby Aviation by 13.7% in the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after purchasing an additional 3,522 shares during the period. Geode Capital Management LLC lifted its stake 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 valued at $47,245,000 after buying an additional 670,852 shares during the period. Kensington Investment Counsel LLC lifted its stake in shares of Joby Aviation by 12.0% in the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after buying an additional 3,653 shares during the period. EP Wealth Advisors LLC increased its stake in Joby Aviation by 15.4% during the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock valued at $188,000 after acquiring an additional 5,000 shares during the period. Finally, State Street Corp raised its holdings in Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after acquiring an additional 812,248 shares in the last quarter. 52.85% of the stock is owned by institutional investors.

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.