Joby Aviation (NYSE:JOBY) Stock Price Up 9.2% Following Analyst Upgrade

Shares of Joby Aviation, Inc. (NYSE:JOBY) were up 9.2% during mid-day trading on Monday after HC Wainwright raised their price target on the stock from $9.00 to $13.00. HC Wainwright currently has a buy rating on the stock. Joby Aviation traded as high as $9.33 and last traded at $8.87. Approximately 20,329,687 shares traded hands during trading, an increase of 53% from the average daily volume of 13,261,045 shares. The stock had previously closed at $8.12.

A number of other research firms have also recently issued reports on JOBY. Morgan Stanley reissued an “equal weight” rating and set a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Monday, May 5th. Canaccord Genuity Group restated a “buy” rating and issued a $12.00 target price on shares of Joby Aviation in a report on Wednesday, June 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. One equities research 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, Joby Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Insider Buying and Selling

In related news, Director Motor Corp/ Toyota acquired 49,701,790 shares of the stock in a transaction dated Thursday, May 22nd. The shares were purchased at an average price of $5.03 per share, for a total transaction of $250,000,003.70. Following the transaction, the director now owns 122,573,621 shares in the company, valued at $616,545,313.63. This represents a 68.20% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Bonny W. Simi sold 9,695 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $65,732.10. Following the sale, the insider now owns 146,941 shares in the company, valued at approximately $996,259.98. This trade represents a 6.19% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 750,950 shares of company stock valued at $4,640,619. Company insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

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

Joby Aviation Stock Up 2.4%

The company has a market cap of $7.49 billion, a P/E ratio of -13.51 and a beta of 2.39. The business has a fifty day moving average of $6.75 and a 200 day moving average of $7.35.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter last year, the company earned ($0.14) EPS. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

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.