Joby Aviation (NYSE:JOBY) Stock Price Up 2.2% on Analyst Upgrade

Joby Aviation, Inc. (NYSE:JOBY) shot up 2.2% during trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $11.50 to $12.00. Canaccord Genuity Group currently has a buy rating on the stock. Joby Aviation traded as high as $7.12 and last traded at $6.56. 5,199,246 shares were traded during mid-day trading, a decline of 55% from the average session volume of 11,665,885 shares. The stock had previously closed at $6.42.

A number of other research analysts also recently weighed in on JOBY. JPMorgan Chase & Co. cut their price objective on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Needham & Company LLC reissued a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Monday. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.67.

Insider Buying and Selling

In related news, Director Paul Cahill Sciarra sold 166,667 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $5.73, for a total value of $955,001.91. Following the completion of the transaction, the director now owns 58,328,061 shares of the company’s stock, valued at $334,219,789.53. This represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kate Dehoff sold 6,903 shares of Joby Aviation stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total value of $51,289.29. Following the sale, the insider now directly owns 202,276 shares in the company, valued at $1,502,910.68. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 668,827 shares of company stock valued at $4,108,524 over the last three months. 32.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently made changes to their positions in the company. Whittier Trust Co. acquired a new position in Joby Aviation in the fourth quarter valued at about $38,000. Allworth Financial LP boosted its holdings in shares of Joby Aviation by 200.6% in the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock worth $44,000 after acquiring an additional 3,320 shares in the last quarter. Compagnie Lombard Odier SCmA bought a new stake in Joby Aviation during the 4th quarter worth approximately $41,000. Toronto Dominion Bank bought a new position in Joby Aviation in the 4th quarter valued at $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new position in Joby Aviation in the fourth quarter worth $41,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Price Performance

The stock has a 50 day moving average price of $6.21 and a two-hundred day moving average price of $7.05. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of -9.69 and a beta of 2.34.

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.