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

Joby Aviation, Inc. (NYSE:JOBY) was the recipient of some unusual options trading on Tuesday. Traders purchased 87,234 call options on the company. This is an increase of approximately 567% compared to the typical daily volume of 13,086 call options.

Joby Aviation Stock Performance

Shares of NYSE:JOBY opened at $8.00 on Thursday. The stock has a 50-day simple moving average of $5.71 and a 200-day simple moving average of $5.44. The stock has a market capitalization of $6.12 billion, a P/E ratio of -11.43 and a beta of 1.97. Joby Aviation has a 1 year low of $4.50 and a 1 year high of $8.62.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same period last year, the firm earned ($0.13) earnings per share. Analysts predict that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In related news, insider Kate Dehoff sold 27,898 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 199,413 shares in the company, valued at approximately $1,096,771.50. This trade represents a 12.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gregory Bowles sold 7,748 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the transaction, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This trade represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 535,526 shares of company stock valued at $2,745,708. 32.40% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Joby Aviation by 9.1% in the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after acquiring an additional 2,889,012 shares during the period. Geode Capital Management LLC boosted its stake in shares of Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the period. State Street Corp grew its holdings in Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after purchasing an additional 812,248 shares in the last quarter. Ieq Capital LLC increased its stake in Joby Aviation by 68.6% during the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after buying an additional 1,807,054 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Joby Aviation by 41.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after buying an additional 435,069 shares in the last quarter. 45.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on JOBY. Canaccord Genuity Group dropped their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Needham & Company LLC started 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 for the company. HC Wainwright reiterated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. cut their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

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.