JPMorgan Chase & Co. Issues Pessimistic Forecast for Joby Aviation (NYSE:JOBY) Stock Price

Joby Aviation (NYSE:JOBY) had its target price cut by analysts at JPMorgan Chase & Co. from $6.00 to $5.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 24.98% from the company’s previous close.

A number of other research analysts have also weighed in on the company. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Canaccord Genuity Group raised their price target on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Thursday. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.10.

Joby Aviation Stock Performance

Shares of NYSE:JOBY opened at $6.67 on Thursday. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of -9.52 and a beta of 2.33. The firm has a fifty day moving average price of $8.17 and a 200 day moving average price of $6.71. Joby Aviation has a fifty-two week low of $4.50 and a fifty-two week high of $10.72.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 6,903 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $7.43, for a total value of $51,289.29. Following the transaction, the insider now owns 202,276 shares of the company’s stock, valued at $1,502,910.68. This represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joeben Bevirt sold 10,785 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $7.43, for a total transaction of $80,132.55. Following the completion of the transaction, the chief executive officer now owns 793,036 shares in the company, valued at approximately $5,892,257.48. The trade was a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,018,699 shares of company stock worth $8,628,124. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

A number of hedge funds have recently bought and sold shares of JOBY. Larson Financial Group LLC raised its holdings in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares in the last quarter. Whittier Trust Co. purchased a new position in shares of Joby Aviation in the 4th quarter worth approximately $38,000. Salem Investment Counselors Inc. raised its stake in shares of Joby Aviation by 5,000.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock worth $41,000 after acquiring an additional 5,000 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in Joby Aviation during the fourth quarter valued at approximately $41,000. Finally, Toronto Dominion Bank acquired a new stake in Joby Aviation in the fourth quarter valued at approximately $41,000. Hedge funds and other institutional investors 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.