Joby Aviation (NYSE:JOBY) Trading 4.1% Higher – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) rose 4.1% on Tuesday . The stock traded as high as $8.35 and last traded at $8.2650. Approximately 31,647,483 shares changed hands during mid-day trading, an increase of 15% from the average daily volume of 27,471,080 shares. The stock had previously closed at $7.94.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. Canaccord Genuity Group restated a “hold” rating and set a $15.50 target price on shares of Joby Aviation in a research report on Tuesday, February 3rd. Oppenheimer set a $18.00 target price on shares of Joby Aviation in a research note on Thursday, February 26th. JPMorgan Chase & Co. cut their price target on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Thursday, February 26th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Reduce” and an average target price of $13.81.

Joby Aviation Stock Up 2.5%

The business’s fifty day moving average is $10.15 and its 200-day moving average is $13.50. The stock has a market capitalization of $7.73 billion, a PE ratio of -7.41 and a beta of 2.68.

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

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 11,530 shares of the company’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $9.62, for a total transaction of $110,918.60. Following the completion of the sale, the insider directly owned 170,360 shares in the company, valued at $1,638,863.20. This represents a 6.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kate Dehoff sold 8,539 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $9.88, for a total value of $84,365.32. Following the completion of the transaction, the insider owned 159,877 shares in the company, valued at approximately $1,579,584.76. This trade represents a 5.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,453,920 shares of company stock worth $15,781,396 in the last three months. 28.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Joby Aviation by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after acquiring an additional 2,540,382 shares during the period. Geode Capital Management LLC boosted its position in Joby Aviation by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock worth $155,671,000 after purchasing an additional 390,794 shares during the period. State Street Corp increased its holdings in Joby Aviation by 5.0% in the 4th quarter. State Street Corp now owns 10,812,929 shares of the company’s stock valued at $142,731,000 after purchasing an additional 512,129 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Joby Aviation by 6.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock valued at $57,697,000 after purchasing an additional 271,475 shares in the last quarter. Finally, Bank of America Corp DE raised its position in Joby Aviation by 41.2% in the third quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock valued at $67,661,000 after purchasing an additional 1,223,412 shares during the period. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

About Joby Aviation

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.