Joby Aviation (NYSE:JOBY) Trading 19.2% Higher – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded up 19.2% during mid-day trading on Friday . The stock traded as high as $9.67 and last traded at $9.64. 13,987,660 shares traded hands during mid-day trading, an increase of 18% from the average session volume of 11,806,186 shares. The stock had previously closed at $8.09.

Wall Street Analysts Forecast Growth

JOBY has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Needham & Company LLC assumed coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group reduced their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Up 20.8 %

The business’s fifty day moving average is $7.18 and its 200-day moving average is $6.04. The stock has a market capitalization of $7.47 billion, a PE ratio of -13.96 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. 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 earned ($0.13) earnings per share. As a group, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the sale, the insider now owns 54,776 shares of the company’s stock, valued at $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kate Dehoff sold 27,898 shares of Joby Aviation stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total transaction of $153,439.00. Following the transaction, the insider now owns 199,413 shares in the company, valued at $1,096,771.50. The trade was a 12.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,111 shares of company stock worth $674,055 over the last three months. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently modified their holdings of JOBY. Intech Investment Management LLC purchased a new position in Joby Aviation in the 3rd quarter worth approximately $518,000. Fred Alger Management LLC boosted its stake in shares of Joby Aviation by 89.4% in the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after purchasing an additional 58,229 shares during the period. Caprock Group LLC grew its holdings in Joby Aviation by 179.5% during the 3rd quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock valued at $626,000 after purchasing an additional 79,896 shares in the last quarter. Susquehanna Fundamental Investments LLC increased its stake in Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after buying an additional 616,579 shares during the period. Finally, Holocene Advisors LP lifted its holdings in Joby Aviation by 91.7% in the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock worth $2,622,000 after buying an additional 249,375 shares in the last quarter. Institutional investors and hedge funds 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.