Joby Aviation (NYSE:JOBY) Trading 1% Higher – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY) shares shot up 1% during mid-day trading on Thursday . The company traded as high as $9.46 and last traded at $9.2240. 19,744,566 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 26,433,375 shares. The stock had previously closed at $9.13.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on JOBY. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research report on Thursday, January 22nd. Oppenheimer set a $18.00 target price on Joby Aviation in a research report on Thursday, February 26th. Needham & Company LLC cut their target price on Joby Aviation to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $15.50 target price on shares of Joby Aviation in a research report on Tuesday, February 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Joby Aviation in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Joby Aviation presently has a consensus rating of “Reduce” and an average target price of $13.81.

Joby Aviation Price Performance

The company has a 50-day simple moving average of $9.43 and a two-hundred day simple moving average of $13.02. The stock has a market capitalization of $8.41 billion, a price-to-earnings ratio of -8.09 and a beta of 2.68.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.06. The company had revenue of $30.84 million during the quarter, compared to analyst estimates of $16.88 million. During the same period in the prior year, the business earned ($0.34) earnings per share. Joby Aviation’s quarterly revenue was up 5506.5% on a year-over-year basis. Research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 14,295 shares of the stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $8.73, for a total value of $124,795.35. Following the sale, the insider directly owned 163,567 shares of the company’s stock, valued at $1,427,939.91. This trade represents a 8.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joeben Bevirt sold 15,823 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $8.15, for a total value of $128,957.45. Following the completion of the sale, the chief executive officer directly owned 263,862 shares in the company, valued at $2,150,475.30. This represents a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,313,239 shares of company stock valued at $13,224,279 over the last three months. 28.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of JOBY. Royal Bank of Canada grew its stake in shares of Joby Aviation by 110.5% in the first quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after purchasing an additional 44,659 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of Joby Aviation in the first quarter worth $273,000. Strs Ohio bought a new position in shares of Joby Aviation in the first quarter worth $37,000. Cetera Investment Advisers grew its stake in shares of Joby Aviation by 16.0% in the second quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock worth $676,000 after purchasing an additional 8,840 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Joby Aviation by 80.1% in the second quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock worth $7,920,000 after purchasing an additional 333,995 shares in the last quarter. 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.