Joby Aviation (NYSE:JOBY) Trading 9.2% Higher Following Analyst Upgrade

Shares of Joby Aviation, Inc. (NYSE:JOBY) were up 9.2% during trading on Monday after HC Wainwright raised their price target on the stock from $9.00 to $13.00. HC Wainwright currently has a buy rating on the stock. Joby Aviation traded as high as $9.33 and last traded at $8.87. Approximately 20,329,687 shares traded hands during trading, an increase of 53% from the average daily volume of 13,261,045 shares. The stock had previously closed at $8.12.

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

Insider Transactions at Joby Aviation

In related news, insider Bonny W. Simi sold 9,695 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $65,732.10. Following the completion of the transaction, the insider now directly owns 146,941 shares of the company’s stock, valued at approximately $996,259.98. This trade represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 on Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $1,130,002.26. Following the transaction, the director now owns 58,494,728 shares of the company’s stock, valued at $396,594,255.84. This trade represents a 0.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 750,950 shares of company stock valued at $4,640,619 over the last three months. Corporate insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Institutional investors have recently bought and sold shares of the business. Whittier Trust Co. purchased a new stake in shares of Joby Aviation in the fourth quarter valued at $38,000. Allworth Financial LP increased its stake in Joby Aviation by 200.6% in the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock worth $44,000 after buying an additional 3,320 shares during the period. Compagnie Lombard Odier SCmA purchased a new position in Joby Aviation in the 4th quarter worth about $41,000. Toronto Dominion Bank purchased a new position in Joby Aviation in the 4th quarter worth about $41,000. Finally, Carolinas Wealth Consulting LLC purchased a new position in Joby Aviation in the 4th quarter worth about $41,000. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Trading Up 13.7%

The company has a market cap of $7.31 billion, a PE ratio of -13.20 and a beta of 2.39. The company’s 50 day moving average is $6.61 and its 200 day moving average is $7.32.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate 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 prior year, the firm posted ($0.14) EPS. Analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

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.