Traders Purchase Large Volume of Joby Aviation Call Options (NYSE:JOBY)

Joby Aviation, Inc. (NYSE:JOBY) was the target of unusually large options trading activity on Tuesday. Investors bought 54,117 call options on the stock. This represents an increase of approximately 59% compared to the typical daily volume of 33,961 call options.

Insiders Place Their Bets

In other Joby Aviation news, CEO Joeben Bevirt sold 421,019 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $10.38, for a total value of $4,370,177.22. Following the sale, the chief executive officer owned 31,678,802 shares in the company, valued at $328,825,964.76. The trade was a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Didier Papadopoulos sold 3,394 shares of the business’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $8.76, for a total transaction of $29,731.44. Following the completion of the sale, the insider owned 144,284 shares in the company, valued at approximately $1,263,927.84. The trade was a 2.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 1,081,030 shares of company stock worth $10,359,251. 28.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds have recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC bought a new position in Joby Aviation during the 1st quarter valued at about $131,000. J. Derek Lewis & Associates Inc. bought a new position in Joby Aviation during the 1st quarter valued at about $121,000. Western Wealth Management LLC bought a new position in Joby Aviation during the 1st quarter valued at about $37,000. Edgestream Partners L.P. bought a new position in Joby Aviation during the 1st quarter valued at about $1,189,000. Finally, Arkadios Wealth Advisors bought a new position in Joby Aviation during the 1st quarter valued at about $90,000. 52.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on JOBY shares. JPMorgan Chase & Co. decreased their price target on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Thursday, February 26th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Canaccord Genuity Group reduced their target price on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a report on Thursday, May 7th. Weiss Ratings cut shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Finally, Morgan Stanley decreased their target price on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $13.06.

Joby Aviation Price Performance

Shares of NYSE JOBY traded up $0.30 during mid-day trading on Tuesday, hitting $11.22. 13,998,915 shares of the company’s stock traded hands, compared to its average volume of 27,497,223. The company’s 50-day moving average is $9.33 and its two-hundred day moving average is $11.72. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05. The company has a market capitalization of $11.04 billion, a P/E ratio of -9.76 and a beta of 2.61. Joby Aviation has a 1 year low of $6.72 and a 1 year high of $20.95.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.09. The firm had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same period in the prior year, the company earned ($0.11) EPS. On average, equities analysts anticipate that Joby Aviation will post -0.83 EPS for the current fiscal year.

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.