Joby Aviation (NYSE:JOBY) Trading 2% Higher – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares rose 2% during mid-day trading on Wednesday . The company traded as high as $9.49 and last traded at $9.1450. Approximately 22,741,852 shares changed hands during trading, a decline of 13% from the average daily volume of 26,161,121 shares. The stock had previously closed at $8.97.

Wall Street Analyst Weigh In

A number of research firms recently commented on JOBY. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. JPMorgan Chase & Co. lowered their price target on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Thursday, February 26th. Canaccord Genuity Group restated a “hold” rating and issued a $15.50 price target on shares of Joby Aviation in a research report on Tuesday, February 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, March 12th. Finally, Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Saturday. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Joby Aviation presently has an average rating of “Reduce” and an average price target of $13.81.

Joby Aviation Trading Up 2.0%

The firm’s 50-day moving average price is $9.34 and its 200 day moving average price is $12.78. The company has a market cap of $8.34 billion, a price-to-earnings ratio of -8.02 and a beta of 2.68.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The company had revenue of $30.84 million for the quarter, compared to analyst estimates of $16.88 million. The firm’s revenue was up 5506.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.34) EPS. Analysts forecast that Joby Aviation, Inc. will post -0.82 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Joeben Bevirt sold 507,182 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $10.62, for a total value of $5,386,272.84. Following the completion of the sale, the chief executive officer directly owned 31,997,802 shares in the company, valued at $339,816,657.24. This trade represents a 1.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Kate Dehoff sold 16,235 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $9.91, for a total value of $160,888.85. Following the transaction, the insider directly owned 149,369 shares in the company, valued at approximately $1,480,246.79. This trade represents a 9.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,774,220 shares of company stock worth $17,386,938. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp raised its position in shares of Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after purchasing an additional 1,348 shares during the period. Asset Planning Inc increased its stake in Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after purchasing an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after purchasing an additional 1,880 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Joby Aviation during the fourth quarter worth $28,000. Finally, Canton Hathaway LLC bought a new position in shares of Joby Aviation in the third quarter valued at $29,000. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.