Joby Aviation (NYSE:JOBY) Trading Up 3.7% – Should You Buy?

Shares of Joby Aviation, Inc. (NYSE:JOBY) rose 3.7% during trading on Friday . The stock traded as high as $6.48 and last traded at $6.56. Approximately 4,709,208 shares changed hands during trading, a decline of 56% from the average daily volume of 10,603,933 shares. The stock had previously closed at $6.33.

Analyst Ratings Changes

JOBY has been the subject of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, February 27th. Canaccord Genuity Group raised their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and set a $10.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Finally, HC Wainwright restated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Joby Aviation currently has an average rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Price Performance

The stock has a market capitalization of $5.24 billion, a price-to-earnings ratio of -9.51 and a beta of 2.35. The stock’s 50 day simple moving average is $7.41 and its 200-day simple moving average is $6.87.

Insider Buying and Selling at Joby Aviation

In other news, CEO Joeben Bevirt sold 10,785 shares of Joby Aviation stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total value of $80,132.55. Following the transaction, the chief executive officer now owns 793,036 shares of the company’s stock, valued at $5,892,257.48. This trade represents a 1.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kate Dehoff sold 6,903 shares of Joby Aviation stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total transaction of $51,289.29. Following the completion of the transaction, the insider now directly owns 202,276 shares in the company, valued at approximately $1,502,910.68. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,015,470 shares of company stock worth $8,600,479 over the last ninety days. 32.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors have recently modified their holdings of JOBY. Toyota Motor Corp bought a new position in Joby Aviation during the fourth quarter worth $640,259,000. Baillie Gifford & Co. increased its position in Joby Aviation by 4.3% during the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after acquiring an additional 2,281,161 shares during the period. Vanguard Group Inc. increased its position in Joby Aviation by 15.8% during the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock worth $380,163,000 after acquiring an additional 6,388,232 shares during the period. Uber Technologies Inc bought a new position in Joby Aviation during the fourth quarter worth $207,842,000. Finally, Geode Capital Management LLC increased its position in Joby Aviation by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock worth $83,015,000 after acquiring an additional 817,638 shares during the period. 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.