Joby Aviation (NYSE:JOBY) Given “Equal Weight” Rating at Morgan Stanley

Morgan Stanley reiterated their equal weight rating on shares of Joby Aviation (NYSE:JOBY) in a research note published on Friday, Marketbeat reports. They currently have a $7.00 price objective on the stock, down from their previous price objective of $10.00.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Canaccord Genuity Group raised their price target 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. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Finally, HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report 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 given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $8.58.

Joby Aviation Stock Performance

Shares of JOBY stock opened at $5.91 on Friday. Joby Aviation has a 52 week low of $4.50 and a 52 week high of $10.72. The company’s 50 day moving average price is $6.62 and its two-hundred day moving average price is $6.96. The company has a market capitalization of $4.66 billion, a P/E ratio of -8.45 and a beta of 2.35.

Insiders Place Their Bets

In other Joby Aviation news, Director Paul Cahill Sciarra sold 333,332 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the transaction, the director now owns 58,994,729 shares of the company’s stock, valued at $471,957,832. The trade was a 0.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kate Dehoff sold 6,205 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $8.10, for a total value of $50,260.50. Following the completion of the sale, the insider now directly owns 215,947 shares of the company’s stock, valued at approximately $1,749,170.70. The trade was a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,171,610 shares of company stock valued at $8,602,385. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently modified their holdings of the stock. Toyota Motor Corp bought a new stake in shares of Joby Aviation during the 4th quarter worth about $640,259,000. Uber Technologies Inc acquired a new stake in Joby Aviation during the fourth quarter worth approximately $207,842,000. Vanguard Group Inc. boosted its holdings in shares of Joby Aviation by 15.8% during the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock worth $380,163,000 after acquiring an additional 6,388,232 shares during the period. Nuveen Asset Management LLC grew its position in shares of Joby Aviation by 331.4% in the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after purchasing an additional 3,272,597 shares during the last quarter. Finally, Baillie Gifford & Co. increased its stake in shares of Joby Aviation by 4.3% during the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after purchasing an additional 2,281,161 shares during the period. 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.