Joby Aviation (NYSE:JOBY) Stock Rating Upgraded by JPMorgan Chase & Co.

Joby Aviation (NYSE:JOBY) was upgraded by research analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report released on Friday, MarketBeat.com reports. The brokerage currently has a $5.00 price objective on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 7.06% from the stock’s previous close.

Joby Aviation Stock Performance

NYSE:JOBY opened at $5.38 on Friday. Joby Aviation has a 52-week low of $4.06 and a 52-week high of $11.98. The company has a market cap of $3.78 billion, a P/E ratio of -6.64 and a beta of 2.04. The stock’s 50-day simple moving average is $5.12 and its 200 day simple moving average is $5.72.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.02. The company had revenue of $1.03 million for the quarter, compared to analyst estimates of $1.50 million. During the same period last year, the firm earned ($0.14) EPS. As a group, equities analysts predict that Joby Aviation will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Didier Papadopoulos sold 11,362 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $4.96, for a total value of $56,355.52. Following the completion of the sale, the insider now directly owns 68,278 shares in the company, valued at approximately $338,658.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Didier Papadopoulos sold 11,362 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $4.96, for a total transaction of $56,355.52. Following the transaction, the insider now directly owns 68,278 shares of the company’s stock, valued at approximately $338,658.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joeben Bevirt sold 5,757 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $6.03, for a total value of $34,714.71. Following the completion of the sale, the chief executive officer now owns 604,437 shares in the company, valued at approximately $3,644,755.11. The disclosure for this sale can be found here. Insiders sold a total of 550,832 shares of company stock worth $2,822,382 over the last quarter. 49.50% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Joby Aviation by 20.6% during the third quarter. Vanguard Group Inc. now owns 34,130,744 shares of the company’s stock worth $220,143,000 after purchasing an additional 5,819,837 shares during the period. Baillie Gifford & Co. increased its position in Joby Aviation by 10.3% during the 4th quarter. Baillie Gifford & Co. now owns 56,320,441 shares of the company’s stock worth $374,531,000 after buying an additional 5,267,436 shares during the period. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Joby Aviation by 596.5% during the third quarter. Schonfeld Strategic Advisors LLC now owns 160,200 shares of the company’s stock worth $1,033,000 after buying an additional 137,200 shares in the last quarter. Rheos Capital Works Inc. boosted its position in shares of Joby Aviation by 113.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,055,000 shares of the company’s stock valued at $13,666,000 after acquiring an additional 1,090,000 shares during the period. Finally, Tudor Investment Corp Et Al acquired a new position in shares of Joby Aviation in the third quarter valued at about $3,534,000. Institutional investors and hedge funds own 45.54% 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.