Joby Aviation (NYSE:JOBY) Trading Up 0.5% – Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price shot up 0.5% during trading on Tuesday . The company traded as high as $8.18 and last traded at $8.02. 6,479,155 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 8,574,196 shares. The stock had previously closed at $7.98.

Analyst Ratings Changes

Several brokerages have weighed in on JOBY. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday. Canaccord Genuity Group dropped their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. Needham & Company LLC assumed coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Trading Down 8.9 %

The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of -10.33 and a beta of 2.32. The company has a 50 day moving average price of $6.54 and a 200 day moving average price of $5.77.

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

Insider Buying and Selling

In related news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the sale, the chief executive officer now directly owns 32,674,274 shares in the company, valued at $158,470,228.90. This trade represents a 0.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul Cahill Sciarra sold 166,666 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the transaction, the director now owns 59,828,059 shares of the company’s stock, valued at approximately $308,114,503.85. This represents a 0.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 535,506 shares of company stock valued at $2,759,533 over the last ninety days. Insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its holdings in shares of Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after acquiring an additional 5,840 shares in the last quarter. Dakota Wealth Management acquired a new position in shares of Joby Aviation in the 2nd quarter valued at approximately $56,000. Fullcircle Wealth LLC bought a new stake in Joby Aviation during the 2nd quarter worth approximately $76,000. Bank of New York Mellon Corp raised its holdings in Joby Aviation by 41.8% during 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 during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Joby Aviation in the second quarter valued at approximately $57,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.