Joby Aviation (NYSE:JOBY) Trading 3.3% Higher – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY) traded up 3.3% during mid-day trading on Thursday . The company traded as high as $10.42 and last traded at $10.4070. 23,834,772 shares changed hands during trading, a decline of 14% from the average session volume of 27,558,020 shares. The stock had previously closed at $10.07.

Wall Street Analysts Forecast Growth

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

Joby Aviation Stock Up 3.3%

The company has a market capitalization of $10.24 billion, a PE ratio of -9.05 and a beta of 2.61. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The stock’s 50 day moving average is $9.29 and its 200 day moving average is $11.83.

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

Insider Buying and Selling

In other news, CEO Joeben Bevirt sold 421,019 shares of Joby Aviation stock in a transaction on Friday, May 15th. The stock was sold at an average price of $10.38, for a total value of $4,370,177.22. Following the completion of the transaction, the chief executive officer directly owned 31,678,802 shares in the company, valued at approximately $328,825,964.76. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Allison sold 74,844 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $10.00, for a total value of $748,440.00. Following the completion of the transaction, the insider owned 676,008 shares of the company’s stock, valued at approximately $6,760,080. This represents a 9.97% 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. Insiders sold 1,096,111 shares of company stock valued at $10,504,153 in the last 90 days. Corporate insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently modified their holdings of JOBY. Fifth Third Bancorp grew its stake in Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after acquiring an additional 1,348 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after purchasing an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Joby Aviation in the 4th quarter valued at $28,000. Strategic Advocates LLC bought a new position in Joby Aviation in the 3rd quarter valued at $29,000. Finally, Pandora Wealth Inc. purchased a new stake in shares of Joby Aviation in the fourth quarter worth $32,000. 52.85% of the stock is currently owned by 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.