Joby Aviation (NYSE:JOBY) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Joby Aviation (NYSE:JOBY) had its target price boosted by equities researchers at Canaccord Genuity Group from $9.75 to $11.50 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 20.80% from the stock’s previous close.

Several other research firms have also recently weighed in on JOBY. HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. JPMorgan Chase & Co. reduced their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.70.

Joby Aviation Trading Down 7.3 %

JOBY opened at $9.52 on Wednesday. The stock’s fifty day simple moving average is $7.56 and its 200 day simple moving average is $6.18. Joby Aviation has a 1-year low of $4.50 and a 1-year high of $10.72. The stock has a market cap of $7.28 billion, a PE ratio of -13.60 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued 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). 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 during the quarter, compared to the consensus estimate of $0.06 million. During the same period in the previous year, the company earned ($0.13) earnings per share. Equities analysts forecast that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In related news, insider Didier Papadopoulos sold 7,692 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the sale, the insider now directly owns 50,902 shares in the company, valued at $509,020. This represents a 13.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the completion of the transaction, the chief executive officer now owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 355,160 shares of company stock valued at $3,177,342 over the last quarter. 32.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently made changes to their positions in JOBY. Tidal Investments LLC lifted its stake 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 last quarter. Kensington Investment Counsel LLC boosted its holdings in shares of Joby Aviation by 12.0% during the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after acquiring an additional 3,653 shares in the last quarter. Amalgamated Bank grew its position in Joby Aviation by 46.2% during the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after acquiring an additional 4,391 shares during the last quarter. Larson Financial Group LLC increased its holdings in Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its position in Joby Aviation by 15.4% in the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock valued at $188,000 after purchasing an additional 5,000 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Company Profile

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.