Joby Aviation (NYSE:JOBY) Trading Up 0.2% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price was up 0.2% during trading on Thursday . The company traded as high as $6.60 and last traded at $6.59. Approximately 2,739,069 shares changed hands during trading, a decline of 74% from the average daily volume of 10,682,610 shares. The stock had previously closed at $6.57.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on JOBY. Canaccord Genuity Group upped their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. decreased their price objective 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. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Stock Performance

The stock has a market cap of $4.82 billion, a price-to-earnings ratio of -8.75 and a beta of 2.35. The company has a 50 day moving average of $7.25 and a 200-day moving average of $6.91.

Insider Activity

In other Joby Aviation news, CEO Joeben Bevirt sold 23,886 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total value of $192,998.88. Following the sale, the chief executive officer now owns 768,293 shares of the company’s stock, valued at $6,207,807.44. This trade represents a 3.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Didier Papadopoulos sold 7,692 shares of Joby Aviation stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $10.00, for a total value of $76,920.00. Following the completion of the transaction, the insider now owns 50,902 shares of the company’s stock, valued at $509,020. The trade was a 13.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,191,832 shares of company stock valued at $9,796,214. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

Several hedge funds have recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new stake in shares of Joby Aviation in the 3rd quarter valued at approximately $518,000. Rheos Capital Works Inc. increased its holdings in Joby Aviation by 17.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock valued at $19,553,000 after buying an additional 350,000 shares during the last quarter. Fred Alger Management LLC raised its stake in Joby Aviation by 89.4% in the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after buying an additional 58,229 shares in the last quarter. Hamilton Lane Advisors LLC purchased a new stake in Joby Aviation during the 4th quarter worth about $418,000. Finally, Entropy Technologies LP acquired a new position in shares of Joby Aviation during the 4th quarter worth about $300,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

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.