Joby Aviation (NYSE:JOBY) Trading Up 2.5% – Time to Buy?

Joby Aviation, Inc. (NYSE:JOBY) shot up 2.5% during mid-day trading on Monday . The stock traded as high as $6.16 and last traded at $6.08. 3,451,355 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 11,226,668 shares. The stock had previously closed at $5.93.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on JOBY shares. HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group boosted their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. JPMorgan Chase & Co. lowered their price target on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research report on Thursday, February 27th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $8.58.

Joby Aviation Stock Down 2.6 %

The firm’s 50 day simple moving average is $6.54 and its two-hundred day simple moving average is $6.97. The stock has a market capitalization of $4.62 billion, a P/E ratio of -8.38 and a beta of 2.35.

Insiders Place Their Bets

In other Joby Aviation news, Director Paul Cahill Sciarra sold 333,334 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the sale, the director now owns 58,661,395 shares of the company’s stock, valued at $470,464,387.90. This trade represents a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bonny W. Simi sold 31,489 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.33, for a total value of $262,303.37. Following the transaction, the insider now directly owns 137,097 shares of the company’s stock, valued at $1,142,018.01. This represents a 18.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,601 shares of company stock valued at $6,017,225 in the last 90 days. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently bought and sold shares of the business. Bouvel Investment Partners LLC boosted its position in shares of Joby Aviation by 1.4% during the fourth quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock worth $1,007,000 after acquiring an additional 1,715 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Joby Aviation by 9.9% during the 4th quarter. NewEdge Advisors LLC now owns 21,505 shares of the company’s stock worth $175,000 after purchasing an additional 1,935 shares during the period. Gallagher Fiduciary Advisors LLC lifted its stake in Joby Aviation by 3.1% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company’s stock worth $543,000 after acquiring an additional 2,000 shares during the period. California State Teachers Retirement System lifted its holdings in Joby Aviation by 1.1% during the fourth quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock worth $1,512,000 after buying an additional 2,065 shares during the period. Finally, Private Advisor Group LLC grew its position in shares of Joby Aviation by 6.6% in the 4th quarter. Private Advisor Group LLC now owns 36,774 shares of the company’s stock worth $299,000 after buying an additional 2,261 shares during the last quarter. Hedge funds and other institutional investors own 52.85% 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.