Joby Aviation’s (JOBY) Buy Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Joby Aviation (NYSE:JOBY) in a research note released on Monday, MarketBeat.com reports. The brokerage currently has a $13.00 target price on the stock, up from their prior target price of $9.00.

JOBY has been the subject of a number of other reports. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Morgan Stanley reissued an “equal weight” rating and issued a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Canaccord Genuity Group reissued a “buy” rating and issued a $12.00 price objective on shares of Joby Aviation in a research report on Wednesday, June 4th. JPMorgan Chase & Co. cut their target price on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.33.

Joby Aviation Price Performance

NYSE:JOBY opened at $9.64 on Monday. The firm has a 50-day moving average of $6.84 and a two-hundred day moving average of $7.37. The stock has a market cap of $7.63 billion, a P/E ratio of -13.76 and a beta of 2.39. Joby Aviation has a 1-year low of $4.66 and a 1-year high of $10.72.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period in the previous year, the company posted ($0.14) earnings per share. As a group, equities analysts expect that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, Director Motor Corp/ Toyota acquired 49,701,790 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were purchased at an average price of $5.03 per share, for a total transaction of $250,000,003.70. Following the completion of the purchase, the director now directly owns 122,573,621 shares in the company, valued at $616,545,313.63. The trade was a 68.20% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul Cahill Sciarra sold 166,667 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.78, for a total transaction of $1,130,002.26. Following the sale, the director now owns 58,494,728 shares in the company, valued at approximately $396,594,255.84. This trade represents a 0.28% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 750,950 shares of company stock worth $4,640,619. 28.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the business. Toyota Motor Corp acquired a new stake in Joby Aviation during the fourth quarter worth about $640,259,000. Baillie Gifford & Co. increased its stake in shares of Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock valued at $447,412,000 after purchasing an additional 2,281,161 shares during the period. Vanguard Group Inc. increased its stake in shares of Joby Aviation by 15.8% in the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after purchasing an additional 6,388,232 shares during the period. Uber Technologies Inc acquired a new stake in shares of Joby Aviation in the fourth quarter valued at approximately $207,842,000. Finally, Geode Capital Management LLC increased its stake in shares of Joby Aviation by 8.7% in the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock valued at $83,015,000 after purchasing an additional 817,638 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.