Joby Aviation (NYSE:JOBY) Shares Gap Up – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY) shares gapped up prior to trading on Tuesday . The stock had previously closed at $10.04, but opened at $10.53. Joby Aviation shares last traded at $10.2850, with a volume of 6,819,542 shares.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research report on Thursday, February 26th. HC Wainwright raised Joby Aviation from a “neutral” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Thursday, February 26th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $15.50 price target on shares of Joby Aviation in a research report on Tuesday, February 3rd. Finally, The Goldman Sachs Group started coverage on shares of Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 target price on the stock. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Joby Aviation presently has an average rating of “Reduce” and an average target price of $13.81.

Joby Aviation Trading Up 1.6%

The company’s 50 day simple moving average is $12.08 and its 200-day simple moving average is $14.06. The firm has a market cap of $9.30 billion, a P/E ratio of -8.95 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.06. The company had revenue of $30.84 million during the quarter, compared to the consensus estimate of $16.88 million. The business’s revenue was up 5506.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.34) earnings per share. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other news, insider Didier Papadopoulos sold 6,366 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $9.74, for a total transaction of $62,004.84. Following the completion of the sale, the insider owned 128,548 shares of the company’s stock, valued at $1,252,057.52. The trade was a 4.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Allison sold 9,815 shares of the business’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $9.88, for a total value of $96,972.20. Following the sale, the insider directly owned 713,268 shares of the company’s stock, valued at $7,047,087.84. This represents a 1.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,470,074 shares of company stock valued at $16,083,913 in the last three months. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently modified their holdings of JOBY. Vanguard Group Inc. boosted its holdings in Joby Aviation by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock worth $806,166,000 after buying an additional 5,828,189 shares during the period. Man Group plc purchased a new stake in Joby Aviation in the 3rd quarter worth $40,283,000. Norges Bank bought a new stake in Joby Aviation during the fourth quarter valued at about $32,269,000. Clear Street Group Inc. purchased a new position in shares of Joby Aviation in the third quarter valued at about $36,264,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Joby Aviation by 80.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company’s stock worth $44,672,000 after acquiring an additional 1,512,094 shares during the period. 52.85% of the stock is currently owned by institutional investors.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.